The US government is increasingly embracing the world of cryptocurrencies, with top officials expressing interest in acquiring more Bitcoin, often dubbed as “digital gold.” Legislative proposals are being considered to facilitate the purchase of up to one million BTC.
According to Bo Hines, Director of Digital Assets at the White House, it is in the United States’ interest to own as much Bitcoin as possible. These plans align with President Trump’s broader ambition to make the United States the “global capital of cryptocurrencies“.
Currently, the U.S. government already holds about 200,000 BTC seized in criminal cases. However, no massive purchase of new BTC has been made yet. David Sacks, the White House’s ‘crypto czar,’ hinted that this could change soon.
During a recent discussion with the Senate, Bo Hines reaffirmed the government’s vision. Bitcoin is seen as “digital gold,” a rare cryptocurrency of high value. This analogy to gold underscores the U.S.’s desire to position itself as a major player in this emerging ecosystem.
To fund these Bitcoin purchases, the government would consider budget-neutral solutions, such as increasing tariffs or monetizing existing gold reserves. The goal would be to avoid any additional cost to American taxpayers.
A bill, the “BITCOIN Act,” sponsored by Senator Cynthia Lummis, aims to allow the United States to acquire one million Bitcoin in the next five years. This would make the U.S. government one of the largest holders of this cryptocurrency.
This move is in line with the United States’ desire to maintain its dominance as a global financial leader. The government also commends the recent adoption of the “GENIUS Act” by the Senate, a law establishing clear rules for stablecoins.
Buoyed by this success with stablecoins, the Senate hopes to pass a broader law on the digital asset market structure by the end of the year, the “Digital Asset Market Clarity Act”. This legislation aims to provide regulatory clarity for both investors and businesses.
While the political feasibility of these massive Bitcoin purchases remains to be evaluated, the U.S. government’s initiatives represent a significant step forward in the institutional recognition of this cryptocurrency. By making Bitcoin a key part of its strategy, the government signals its strong intent to position the United States as a major player in the crypto ecosystem.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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