White House Interest in Bitcoin Acquisition

A White House official revealed that the Trump administration aims to acquire as much Bitcoin as possible during a closed-door roundtable with crypto industry leaders hosted by the Bitcoin Policy Institute.

Key Points

• Speaker: Bo Hines, executive director of the Presidential Working Group on Digital Assets.
• Participants: Notable figures included Michael Saylor, Fred Thiel, Nathan McCauley, and David Bailey, alongside U.S. senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno.

Main Discussion

Hines humorously responded to a question about the quantity of Bitcoin the U.S. might acquire, comparing it to asking how much money a person wants. He confirmed the administration’s interest in securing Bitcoin in a budget-neutral manner, ensuring no taxpayer funds would be used.

Legislation Consideration

A participant inquired about the White House’s stance on the Bitcoin Act, proposed by Lummis, which seeks to authorize the purchase of up to one million BTC valued at roughly $80 billion. Hines indicated that the White House supports legislation that would establish a Strategic Bitcoin Reserve but stopped short of endorsing specific proposals directly.

Current Holdings

The U.S. government already holds nearly 200,000 BTC from civil and criminal forfeitures. Senior officials are advocating for further purchases to strengthen the strategic reserve, as long as these actions remain budget neutral.

Budget Neutrality Debate

Lummis’ Bitcoin Act raises questions regarding its budget neutrality. The bill suggests using $80 billion to purchase Bitcoin, primarily funded by revenues from reevaluating gold certificates last priced in 1971, a value that has significantly appreciated after the U.S. left the gold standard.