White House Official: Trump Administration Aims to Acquire ”As Much Bitcoin as Possible”
A White House official told crypto industry leaders this week that the Trump administration is determined to acquire as much Bitcoin as it can. The statement was made during a private roundtable event hosted by the Bitcoin Policy Institute on Tuesday, where Bo Hines, executive director of the Presidential Working Group on Digital Assets, outlined the administration’s aggressive stance on Bitcoin acquisition.
Hines reportedly told attendees that the White House has no plans to set a limit on how much Bitcoin the U.S. government should acquire, adding that any purchases would be made in a “budget-neutral” way, ensuring taxpayers wouldn’t bear the cost.
When asked about the potential total amount of Bitcoin the government might acquire, Hines humorously compared the question to asking how many dollars someone would want, according to sources at the meeting. A White House official later confirmed to Decrypt that Hines had expressed the intent to acquire as much Bitcoin as possible, further clarifying that the administration’s goal is to do so in a manner that avoids taxpayer expense.
The roundtable, which followed the public Bitcoin for America policy summit, included key figures from the Bitcoin industry, including Michael Saylor (Strategy co-founder), Fred Thiel (CEO of MARA Holdings), Nathan McCauley (CEO of Anchorage Digital), and David Bailey (CEO of Bitcoin Magazine). Also in attendance were U.S. Senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH).
Strategic Bitcoin Reserve and the Bitcoin Act
During the discussion, a participant asked Hines about the Bitcoin Act, a piece of legislation reintroduced in the Senate by Senator Lummis on Tuesday. The bill would authorize the U.S. government to purchase up to one million Bitcoin, worth roughly $80 billion at current prices, and would formally establish the Strategic Bitcoin Reserve, a plan originally set in motion by President Trump’s recent executive order.
In response, Hines turned to Lummis, who was seated next to him, and indicated that the White House supports legislation to enshrine the Strategic Bitcoin Reserve into law, with efforts to push the bill through Congress. However, a White House official later clarified that Hines did not endorse any specific legislative proposal during the event.
Currently, the U.S. government holds an estimated 200,000 BTC, primarily acquired through civil and criminal forfeitures. Senior White House officials have recently emphasized their backing for the purchase of additional Bitcoin, reinforcing the idea of strengthening a strategic reserve without impacting the federal budget.
The Debate Over the Bitcoin Act’s Budget Neutrality
Senator Lummis’ Bitcoin Act is seen as a key piece of legislation in the push for a U.S. Bitcoin reserve, though questions remain about its budget neutrality. The bill proposes the purchase of $80 billion worth of Bitcoin, but it plans to fund this mainly through funds that would be released by revaluing the U.S. Treasury’s gold certificates, which have not been updated since the U.S. left the gold standard in 1971. Gold prices have surged over 6,800% since then, potentially unlocking a significant source of funding for Bitcoin purchases.
While the legislation has garnered attention from Bitcoin advocates, its funding mechanism and the broader implications for the U.S. economy are likely to be subjects of ongoing debate in Congress.
Featured image from: nbcnews.com