A recent closed-door roundtable with crypto industry leaders revealed an ambitious plan by the White House to acquire large quantities of Bitcoin.
Bo Hines, the executive director of the Presidential Working Group on Digital Assets, confirmed that the government is keen on amassing as much Bitcoin as possible.
According to multiple sources at the event, when asked how much Bitcoin the U.S. government might aim to acquire, Hines humorously compared it to asking someone how many dollars they would want.
A White House official later clarified that any Bitcoin acquisitions would be made "in a budget-neutral way" and would not cost taxpayers a dime.
However, the exact method of acquiring Bitcoin without incurring costs remains unclear, given the sheer scale of the plan.
During the roundtable, a question was raised about the White House’s stance on the Bitcoin Act, a piece of legislation introduced by Senator Cynthia Lummis.
The act calls for the U.S. government to purchase up to one million BTC, currently valued at approximately $80 billion, and legally establish a Strategic Bitcoin Reserve.
Hines responded by turning to Lummis and confirming that the White House plans to support the legislation, emphasising their intent to apply pressure for its passage through Congress.
However, while Hines mentioned support for a Bitcoin Reserve, the White House official later emphasised that he did not directly endorse any specific legislation during the event.
The U.S. government already holds nearly 200,000 BTC, mainly acquired through civil and criminal forfeitures.
Source: BitcoinTreasuries
The current administration’s support for increasing Bitcoin holdings aligns with its broader strategy to fortify a national reserve of the cryptocurrency.
Despite the White House’s push for more Bitcoin, questions about the financial feasibility of the Bitcoin Act remain.
The bill proposes purchasing $80 billion worth of Bitcoin, but it plans to do so by tapping into the Federal Reserve’s gold certificates, which were last valued in 1971.
With gold prices having increased by over 6,800% since then, the proposal aims to use these appreciated certificates to fund Bitcoin acquisitions without affecting the federal budget.
However, whether this approach will truly be "budget-neutral" is still a topic of debate among lawmakers and financial experts.
The plan’s reliance on the revaluation of long-standing gold certificates could create unforeseen financial challenges, raising questions about its long-term viability.
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