Bo Hines, President Trump’s Executive Director on Digital Assets, has revealed that the U.S. government wants as much Bitcoin as it can procure.
Hines made this statement while speaking on the Strategic Bitcoin Reserve (SBR) created by President Donald Trump. For context, the president signed an executive order on March 6 mandating the creation of a crypto stockpile for altcoins and a Strategic Reserve for Bitcoin.
However, the order confirmed that the government would not procure any more tokens for the crypto stockpile, which will only contain assets it already holds through confiscations and forfeitures. Further, it indicated that it would only employ “budget-neutral” means to purchase more BTC for the SBR.
Hines: Trump Kept His Promise on SBR
Amid this declaration, concerns surrounding the government’s intentions to add to the SBR emerged. In his recent remarks on this order, Hines cleared the air while speaking at the Digital Assets Summit in New York.
He noted that President Trump’s executive order to create the Bitcoin reserve fulfilled the promises he made on the campaign trail. Recall that Trump, while campaigning for his second term in office, promised the Bitcoin community that he would fire former SEC Chair Gary Gensler and create a Bitcoin reserve.
With Gensler out and the Bitcoin reserve formed, the administration has kept to these promises, as pointed out by Hines. The executive director also highlighted that the government created the reserve in a way that respects Bitcoin’s unique state in the crypto market by setting up a different reserve solely for the premier asset.
“We look at Bitcoin—it’s not a security; it’s a commodity. It has intrinsic store of value, it’s traditionally accepted. It has […] the immaculate conception [as] there is no issuer. That’s why in the executive order, we compared it to digital gold,” Hines remarked.
Considering its unique and promising features, Hines emphasized that it is “imperative” that the United States “has, retain and continue to build on” Bitcoin. This is in contrast to the former administration’s approach, which liquidated its BTC holdings, leading to over $17 billion in losses.
“We Want as Much Bitcoin as We Can Get”
Hines then spoke on the executive order’s use of the term “budget-neutral” ways. According to him, the primary aim is for the president to start accumulating assets instead of liquidating them, and President Trump is looking to do this.
He then noted: “We are looking forward to working with our partners at Treasury and the Secretary of Commerce in order to define those budget-neutral ways in which we can acquire more.”
Hines noted that he has received questions about how much Bitcoin the government would want to have as this purchase campaign kicks off. He likened this question to asking a country how much gold it would like. “As much as we can get,” he concluded.
Notably, following Trump’s executive order, which mandated the procurement of BTC through budget-neutral ways, Senator Cynthia Lummis re-introduced her BITCOIN Act to secure the existence of the Bitcoin reserve behind Trump’s administration and push toward amassing 1 million BTC.
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