Summary
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White House Official Signals Intent to Accumulate Bitcoin: A White House representative indicated the Trump administration’s desire to build a substantial U.S. government Bitcoin reserve, potentially without a set limit, aiming to maximize holdings.
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“Budget Neutral” Acquisition is Key Condition: Any government Bitcoin acquisition would be required to be “budget neutral,” meaning it should not incur costs to taxpayers, though the specifics of this approach are under discussion and potentially debatable.
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Legislative Action and Strategic Reserve Under Consideration: The White House appears supportive of legislative efforts, like the Bitcoin Act, to formalize a Strategic Bitcoin Reserve, while also acknowledging existing government Bitcoin holdings acquired through forfeitures.
According to a White House representative, the Trump administration is considering establishing a U.S. government Bitcoin reserve without a predefined upper limit.
This statement was made during a recent gathering of cryptocurrency industry leaders, signaling a potentially significant shift in governmental strategy towards digital assets.
During a closed-door discussion hosted by the Bitcoin Policy Institute earlier this week, Bo Hines, serving as executive director of the Presidential Working Group on Digital Assets, reportedly conveyed to attendees the White House’s strong interest in acquiring Bitcoin on the largest possible scale. Multiple participants confirmed this message.
When queried about the potential magnitude of U.S. government Bitcoin acquisitions, Hines responded lightheartedly, drawing a parallel to asking someone about their desired amount of U.S. dollars, as recounted by an attendee.
“Budget Neutral” Acquisition Strategy Discussed
A White House source has verified to news outlets that Hines indeed made the statement about maximizing Bitcoin accumulation. However, this official clarified that any such acquisitions would be conducted in a “budget-neutral manner,” ensuring no cost to taxpayers.
The private roundtable, following a public policy forum titled “Bitcoin for America,” brought together prominent figures within the Bitcoin space.
White House Aims for Maximized Bitcoin Reserve
Sources indicate that the U.S. Treasury Department has also engaged with executives from leading crypto custody firms to discuss the secure management of the envisioned Strategic Bitcoin Reserve.
Anchorage Digital was identified by sources as one of the custodians that met with Treasury officials recently.
While Anchorage CEO Nathan McCauley acknowledged government officials sought detailed information, he did not directly confirm the specifics of these discussions when contacted.
Reportedly, after being questioned about the Bitcoin Act, Hines turned to Senator Lummis, who was present, and indicated that the White House intends to support legislation designed to legally establish a Strategic Bitcoin Reserve.
Furthermore, Hines suggested the administration would actively work to ensure its passage through Congress. A White House official later clarified that while supportive of the reserve concept, Hines did not specifically endorse any particular legislative proposal during the event.
Current estimates suggest the U.S. government already possesses close to 200,000 BTC, primarily acquired through asset forfeitures in civil and criminal cases.
Senior White House officials have recently emphasized their support for the government purchasing additional Bitcoin to bolster a strategic reserve, contingent on these acquisitions being “budget neutral.”
Legislative Support and Existing U.S. Bitcoin Holdings
The “budget neutrality” of the Bitcoin Act, particularly Senator Lummis’s bill, is a matter of debate.
While it proposes a substantial Bitcoin purchase of around $80 billion at current valuations, the funding mechanism relies on directing revenues to the Treasury from a reevaluation of the Federal Reserve’s gold certificates at market prices.
These certificates have been valued at their 1971 level, the year the U.S. abandoned the gold standard, despite gold’s value increasing by over 6,800% since then.
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