Trump Administration Commits to Bitcoin, Eyes Massive Acquisition
Former President Donald Trump's administration has expressed a strong commitment to Bitcoin, with Executive Director on Digital Assets, Bo Hines, stressing this at a recent Digital Assets Summit in New York. The administration views Bitcoin as a crucial asset for the nation's financial future and is exploring ways to accumulate it on an unprecedented scale.
The administration has proposed a significant increase in Bitcoin acquisition. U.S. Senator Cynthia Lummis and Congressman Nick Begich have put forward a measure to purchase 200,000 BTC per year for the next five years, totaling 1 million BTC. However, it's important to note that according to publicly available information, no official proposal has been documented or reported in recent news.
President Trump has directed the Treasury and Commerce Departments to explore new pathways to accumulate additional Bitcoin holdings. The administration is committed to growing the U.S. government's Bitcoin (BTC) holdings, having already established a Strategic Bitcoin Reserve. This reserve is repurposing BTC obtained through forfeitures and seizures. The administration views Bitcoin as a commodity with intrinsic stored value, comparing it to digital gold.
U.S. Rep. Byron Donalds has introduced a bill to solidify Trump's Bitcoin initiative into law. The administration is also exploring budget-neutral ways to expand its Bitcoin holdings.
The Trump administration's commitment to Bitcoin is clear, with plans to significantly increase its holdings. While some proposals, such as purchasing 200,000 BTC per year, are still under discussion, the administration's view of Bitcoin as a valuable commodity is well-established. The future of Bitcoin's role in U.S. financial policy remains to be seen.
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