Key dealers
- Bo Hines discussed the idea of using gold reserves, stored in Fort Knox, to buy bitcoin.
- Senator Lummis has recently reintroduced the Bitcoin Act for a large US Bitcoin acquisition.
Bo Hines, Trump’s Crypto Council Chief and Head of the Digital Associate Presidential Council, also known as Crypto Council, said he is open to exploring the Fort Knox gold ride for Bitcoin, as long as it has no effect on government budget balance.
“If it is budget neutral and does not cost a taxpayer a penny, you exchange one type of one for the other,” mentioned Hines in a new interview with Fox Business journalist Eleanor Terrett. He was asked if it would be possible to sell some of the American gold reserves to buy bitcoin.
However, Hines noted that the working group is not involved in any specific strategy at that time. Instead, the group players are willing to explore different “creative ideas” and Hines himself wants to hear different perspectives.
“One thing that is different about this white house is that we welcome new ideas, innovative solutions,” Hines said.
On the question of the administration would include other crypto assets except Ethereum, XRP, Solana and Cardano – four major altcoins that Trump mentioned in their first national crypto reserve statement, Hines emphasized that they support innovations in many crypto ecosystems.
He also clarified, as David Sacks had previously donethat the four altcoins were mentioned because of their dominance in the market.
Lummi’s suggestion to sell some of the Fed’s Gold Hold
Senator Cynthia Lummis previously suggested that the US Department of Finance would consider converting part of the Federal Reserve’s Gold Holdings to Bitcoin to create a national Bitcoin reserve.
Last year, Lummis introduced Bitcoin ACT (increasing innovation, technology and competitiveness through optimized investments across the country), which proposed to acquire 1 million bitcoin, about 5% of the total circulatory supply, through the sale of Fed Gold Certificate.
The proposal is in line with Trump’s plans to draw up a Bitcoin reserve, although the president’s first strategy focused on utilizing seized government bits.
“We already have financial assets in the form of gold certificates to convert to Bitcoin,” Lummis mentioned In a November interview with Bloomberg. “So the effect on the US balance sheet is quite neutral.”
Lummis’ Bill did not continue during the congress session 2023-2024. But last week, she reinstated Bitcoin Act (p.954) at a Bitcoin-focused conference hosted by the Bitcoin Policy Institute, which aims to buy 1 million bitcoin.
The accounting proposal has not been submitted from March 21.