A top White House representative informed crypto leaders this week that the Trump administration is eager to increase its Bitcoin reserves as part of a broader financial strategy.
Bo Hines, the Presidential Working Group on Digital Assets lead, shared with attendees of a confidential meeting hosted by the Bitcoin Policy Institute on Tuesday the government's intent to gather substantial Bitcoin (CRYPTO: BTC) stocks, according to those present.
When pressed on the specific amount the government might target, Hines responded with a lighthearted comparison to asking someone how many dollars they'd like, one participant relayed to Decrypt.
A White House source later verified Hines' statement, noting that any Bitcoin purchases would be conducted without burdening taxpayers, aligning with a cost-neutral policy.
This approach supports recent statements from senior officials advocating for additional Bitcoin acquisitions—currently around 200,000 BTC from legal confiscations—to enhance a strategic reserve established by Trump's recent directive.
Also Read: Trump Administration Focused On Real Economy, Not Market Swings, Says Treasury Secretary Bessent
During the discussion, a question arose about the administration's stance on the Bitcoin Act, a Senate proposal reintroduced by Lummis on Tuesday, which calls for acquiring up to one million BTC, valued at about $80 billion, and legally embedding the reserve.
Hines reportedly turned to Lummis, seated nearby, and indicated the administration favors legislation to solidify the reserve and will work to ensure its approval in Congress.
However, a White House representative clarified to Decrypt that Hines did not back any specific bill during the event.
The proposal's cost-neutral claim is under debate, as it suggests using Federal Reserve funds from revaluing gold certificates—last updated in 1971 and now worth over 6,800% more due to gold's rise—to finance the purchases.
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