Trump Administration Wants to Own as Much Bitcoin as Possible
Head of Trump's Cryptocurrency Council Bo Hines Shares That the White House Intends to Buy as Much Bitcoin as Possible, But Emphasizes That It Won't Cost the Treasury Any More Money
At a closed-door meeting hosted by the Bitcoin Policy Institute on March 11, Bo Hines, head of the President's Cryptocurrency Council, shared with attendees that the White House intends to buy as much Bitcoin as possible.
When asked "how much?" Hines joked that the question was like asking someone how many dollars they want to buy.
Thus, it can be seen that the view of Trump's Cryptocurrency Council is that Bitcoin is a store of value, and the White House should own as much as possible.
Hines emphasized that if there is any BTC purchase, it will be done "in a budget-neutral manner and without costing taxpayers a dime."
The closed-door meeting came shortly after the White House Crypto Summit on March 7, where Trump reiterated his administration’s efforts to turn the United States into a global crypto hub, breaking the shackles that the SEC has tightened on the sector under Biden.
Since his second term as President, Trump has issued two executive orders related to crypto. The first was to direct the establishment of a special cryptocurrency working group, prohibit federal agencies from developing central bank digital currencies (CBDCs), and set out a framework for expanding USD-pegged stablecoins globally.
The second executive order, signed on March 7, directed the establishment of a Strategic Bitcoin Reserve for the United States, managed by the US Treasury and formed from Bitcoin seized in previous criminal and criminal proceedings. Trump also asked the US Treasury and Commerce Departments to come up with a plan to buy more Bitcoin, but not using the budget from the American people's tax.
Bo Hines' statement seemed to reinforce the new President's point of view.
The closed-door meeting also had the participation of influential Bitcoin figures, such as billionaire Michael Saylor, Marathon Digital CEO Fred Thiel, Anchorage Digital CEO Nathan McCauley and Bitcoin Magazine CEO David Bailey. In addition, three Senators, Cynthia Lummis, Bill Hagerty and Bernie Moreno, were present.
An attendee asked Bo Hines whether the White House supported the Bitcoin Bill proposed by Senator Cynthia Lummis, Hines turned to Ms. Lummis sitting next to him, and said that the White House planned to put pressure to ensure that this bill was passed by Congress.
The Bitcoin Bill proposes that the government should buy one million BTC, worth about $80 billion at the moment, to create a Bitcoin reserve fund. However, the bill was criticized by many because it forced the national budget - taxes paid by the people or revenue from the Fed - to buy more BTC.
Currently, it is estimated that the US government holds nearly 200,000 BTC, obtained through civil and criminal seizures. If Senator Cynthia Lummis' proposal is followed, it would take at least $64 billion more to accumulate 1 million BTC.
This goes against the wishes of many senior officials who advocate "budget neutrality", meaning not having to spend more money to buy.
Under Trump, people have noticed a clear change in perspective and approach to digital finance. This morning, as Coin68 reported, Trump's cabinet holds millions of dollars in Bitcoin.
Specifically, at least 6 out of 22 cabinet members have assets related to crypto. The highest is Secretary of Health and Human Services Robert Kennedy Jr., who owns a Fidelity crypto account worth $1 million - $5 million.
