Key Takeaways
- Bo Hines mentioned the thought of utilizing US gold reserves, saved in Fort Knox, to buy Bitcoin.
- Senator Lummis has just lately reintroduced the Bitcoin Act for a significant US Bitcoin acquisition.
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Bo Hines, Trump’s Crypto Council Chief and head of the Presidential Council of Advisers for Digital Belongings, also referred to as the Crypto Council, mentioned he’s open to exploring an change of Fort Knox gold reserves for Bitcoin, so long as it has no impact on the federal government’s finances steadiness.
“If it’s finances impartial and doesn’t value a taxpayer a dime, you form of exchanging one for the opposite,” mentioned Hines in a latest interview with FOX Enterprise journalist Eleanor Terrett. He was requested whether or not it might be attainable to promote a number of the US gold reserves to purchase Bitcoin.
Hines famous, nonetheless, that the working group is just not dedicated to any particular technique on the time. As a substitute, the group actors are prepared to discover numerous “artistic concepts” and Hines himself needs to listen to various views.
“One factor that’s completely different about this White Home is we welcome in new concepts, progressive options,” Hines mentioned.
When requested whether or not the administration would come with different crypto belongings in addition to Ethereum, XRP, Solana, and Cardano—4 main altcoins that Trump talked about in his first nationwide crypto reserve assertion, Hines careworn that they help improvements throughout many crypto ecosystems.
He additionally clarified, like David Sacks had beforehand finished, that the 4 altcoins had been talked about attributable to their market cap dominance.
Lummis’ proposal to dump a portion of Fed’s gold holdings
Senator Cynthia Lummis beforehand steered the US Treasury Division ought to think about changing a portion of the Federal Reserve’s gold holdings into Bitcoin to create a nationwide Bitcoin reserve.
Final 12 months, Lummis launched the BITCOIN Act (Boosting Innovation, Know-how, and Competitiveness by way of Optimized Funding Nationwide), which proposed buying 1 million Bitcoin, roughly 5% of the full circulating provide, by way of the sale of Fed gold certificates.
The proposal aligns with Trump’s plans to ascertain a Bitcoin reserve, although the President’s preliminary technique targeted on using seized authorities Bitcoin holdings.
“We have already got the monetary belongings within the type of gold certificates to transform to Bitcoin,” Lummis mentioned in a November interview with Bloomberg. “So the impact on the US steadiness sheet is fairly impartial.”
Lummis’ invoice didn’t progress throughout the 2023-2024 Congress session. Nonetheless, final week, she reintroduced the Bitcoin ACT (S.954) at a Bitcoin-focused convention hosted by the Bitcoin Coverage Institute, aiming for the US to buy 1 million Bitcoin.
The invoice’s textual content has not been submitted as of March 21.
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