Bitcoin Buying Race? US Wants More, Says Trump’s Digital Assets Chief

Source Newsbtc

Can we expect a massive accumulation of Bitcoin during the presidency of US President Donald Trump? If we base it on the recent statements of Bo Hines, Trump’s pick to head its Digital Assets section, the industry will soon see an aggressive investment strategy from the US government.

Hines shared the department’s plan during a speech at the digital assets summit. He mentioned they plan to invest “as many Bitcoins” as possible. 

The interview and Hines’s subsequent thoughts came after Trump approved an executive order on March 6th to create a cryptocurrency stockpile for altcoins and Bitcoin.

However, Trump’s executive order clarified that the US government will not procure new cryptos for its stockpile; instead, it plans to hold all digital assets confiscated by the government as part of its regulation.

From An Election Promise To Reality: Trump’s SBR

Bitcoin, or a crypto stockpile, has been a hot topic in Washington and other crypto circles. During the elections, then-candidate Donald Trump teased the voters with his support for BTC and the blockchain and his plans to push for a crypto stockpile.

At the Digital Summit in New York, Hines shared that the passage of the Strategic Bitcoin Reserve reflects the president’s commitment to his campaign promise.

In his election cycle, the plans for a crypto reserve faced stiff challenges, specifically from the Securities and Exchange Commission (SEC) and its (former) chair, Gary Gensler. Trump positioned himself as pro-crypto and even promised to fire Gensler if he’s elected. Now that Gensler is out of the picture, Trump is more aggressive in promoting his crypto plans.

Planned SBR Highlights Crypto’s Uniqueness

In the same speech, Hines explained that the planned Strategic Reserve respects and promotes the digital asset’s unique features. For a start, Hines argued that the SBR is solely for Bitcoin and not for other altcoins like Cardano and Ripple’s XRP.

Also, Hines shared how the department sees Bitcoin. According to the executive director, they see Bitcoin as a commodity, not a security. He said that Bitcoin has an “intrinsic store of value”. Hines also said that in Trump’s executive order, Bitcoin is compared to digital gold.

Hines Calls On US Government To Invest More In BTC

Hines highlighted many of Bitcoin’s unique features and claimed that the US government must hold and continue investing in Bitcoin. The current administration’s policies on Bitcoin and crypto assets starkly contrast with the Biden presidency, which exited its Bitcoin holdings and lost $17 billion.

Hines shared that the government’s aim is to start building its Bitcoin holdings instead of liquidating them. He then revealed plans to work with the Secretary of Commerce and the Treasury to define budget-neutral approaches to buying more Bitcoins.

Featured image from Coinpaper, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Elon Musk is doing nothing to stop Tesla’s downfallTesla sales are collapsing worldwide, and Musk’s chaotic leadership and focus on political power plays are doing nothing to stop the downfall. The start of 2025 has been troubling, particularly in Europe, where Tesla saw a 45% drop in new registrations in January compared to the same period in 2024, with further declines in February. […]
Author  Cryptopolitan
Mar 24, Mon
Tesla sales are collapsing worldwide, and Musk’s chaotic leadership and focus on political power plays are doing nothing to stop the downfall. The start of 2025 has been troubling, particularly in Europe, where Tesla saw a 45% drop in new registrations in January compared to the same period in 2024, with further declines in February. […]
placeholder
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgradeEthereum (ETH) has seen immense buying from whales on Thursday following core developers fixing April 30 as a tentative date for the Pectra upgrade to go live on mainnet.
Author  FXStreet
Mar 28, Fri
Ethereum (ETH) has seen immense buying from whales on Thursday following core developers fixing April 30 as a tentative date for the Pectra upgrade to go live on mainnet.
placeholder
XRP Price Fate Hangs on $2.00—Major Move Incoming?XRP price started a fresh decline below the $2.20 zone. The price is now showing a few bearish signs and might decline below the $2.050 level. XRP price started a fresh decline after it failed to
Author  NewsBTC
19 hours ago
XRP price started a fresh decline below the $2.20 zone. The price is now showing a few bearish signs and might decline below the $2.050 level. XRP price started a fresh decline after it failed to
placeholder
‘Tesla Takedown’ Movement Reaches Climax – Is Elon Musk Being Forced to Step Down?TradingKey - Dissatisfaction with Tesla CEO Elon Musk's political stance through his leadership of the U.S. Government Efficiency Department (DOGE) has fueled protests against Tesla across the United
Author  TradingKey
15 hours ago
TradingKey - Dissatisfaction with Tesla CEO Elon Musk's political stance through his leadership of the U.S. Government Efficiency Department (DOGE) has fueled protests against Tesla across the United
placeholder
Gold hits fresh all-time high ahead of Trump’s reciprocal tariff deadlineGold price (XAU/USD) shots higher at the start of the trading week and hovers around $3,120 at the time of writing on Monday.
Author  FXStreet
14 hours ago
Gold price (XAU/USD) shots higher at the start of the trading week and hovers around $3,120 at the time of writing on Monday.
goTop
quote