The United States wants to become the world's crypto capital.

In March, President Trump signed an executive order to establish a strategic Bitcoin reserve.

In other words, alongside traditional assets like gold, the US Treasury plans to combine all its digital assets into a stockpile.

So, is it a good idea? And what, if anything,

does it mean for the rest of the world? I'm Gareth Mitchell. And for this edition of Business Daily,

I've come to the Web Summit in Rio de Janeiro, one of the big events on the Tech Conference calendar.

Crypto is high on the agenda here. This is a new form of capitalism because it actually makes everything marginal cost.

I think that's the insight.

This is crazy genius.

This changes everything.

There are people at the meeting managing crypto investment funds and others running their own digital currencies.

They can barely contain their glee now that a pro-crypto

White House is in power.

I think President Trump has done a very good job of being consistent and fulfilling his

promises during the campaign. There's no reason that that role couldn't have been fulfilled

by a Democrat.

But today, of course, I'm not in the USA.

This is Rio, 7,000 kilometers away from Washington, D.C.

So does the White House's Bitcoin love mean anything at all for Latin America?

Brazil actually has the sixth highest percentage of its population holding cryptocurrencies in the world.

The population here is just generally very tech savvy and mobile first, tech first.

People, crypto and governments, all coming up on Business Daily.

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