The Trump administration is still committed to the idea of a strategic Bitcoin reserve, even though the recent crypto policy report from the White House didn’t offer much detail. That’s according to Robert Bo Hines, who leads the President’s Council of Advisers on Digital Assets.
Addressing an interview on Crypto in America podcast, Hines stated that the reserve has already been created and Bitcoin is in a league of its own. Hines said, We do believe in accumulation. We have it, it has been created… we have the strategic national digital assets stockpile as well.
The Strategic Bitcoin Reserve got a brief mention in the new digital assets policy report released this week by the President Working Group on Digital Asset Markets. Others wanted more of a roadmap but Hines was quick to note that they are still doing work behind the scenes.
“I think that people will be very pleased with the direction that we are going,” he said. “We’ll start moving on that in short order.”
Source: Crypto in America
No Timeline Yet But Work Is Underway
Hines also said that it takes time to put up the infrastructure to support such an initiative. He stated that accumulation of Bitcoin can be done in numerous ways and the administration is adopting a long term strategy. He made no timeline or roadmap but added that the efforts are underway.
When specifically questioned as to the number of Bitcoins held by the federal government at present, Hines refused to respond. I cannot talk about that now, he said. We may do it some time, but I will say we want all we can get.”
Data provided by Nansen shows that the government has about 198000 BTC. At the current market prices, this stash has a value of about 2.35 billion dollars.
Hines made the comments just hours after the White House released its long awaited crypto strategy paper. That report focused mainly on regulation, market structure, and the need to strengthen the United States position in financial technology. It was described by officials as the most comprehensive statement so far on the administration’s crypto goals.
See Also: Trump Administration Pushes Crypto Reform, Sidesteps Bitcoin Reserve Details
Bitcoin, Not Altcoins, at the Core of Strategy
Still, some in the Bitcoin community were hoping for more clarity on the Strategic Bitcoin Reserve, especially since it was part of an executive order signed by President Trump back in March.
Hines made an attempt to answer such concerns. He said, we know the significance of the strategic Bitcoin reserve. We are huge admirers of Bitcoin and the Bitcoin community. We also want to give them and I am sure that we will do so.
In the interview, he did not say anything about other cryptocurrencies or other digital assets even when discussing the need to give room to what happens in other ecosystems.
The concept of a national Bitcoin reserve has received mixed responses in the crypto sector. Others consider it a bullish initiative particularly in a world where fiat currencies are being devalued. Concerns are raised by others of what this will mean to decentralization when governments begin to hoard BTC.
The administration’s position appears to be leaning heavily in favor of Bitcoin rather than a broader mix of digital assets. Hines said the strategy is to give Bitcoin the recognition it deserves and to make sure the accumulation process is done right.
Community Awaits More Concrete Steps
“There are countless ways we can accumulate,” he added. “It takes time and labor to do it the right way.”
Hines underlined that the team is already working on it and the progress will be more noticeable soon. He has not indicated whether the government will announce future BTC purchases or whether it will rely on non governmental alliances to expand the reserve.
The Strategic Bitcoin Reserve has been mentioned in the White House policy report published this week at the very end of the document. The report has focused on priority areas that included the creation of a regulatory regime and creation of legal clarity in the digital asset sector.
Although the mention was short lived, Hines stated that Bitcoin is still the bullseye of the administration and that the crypto community will soon be able to witness tangible changes.
He also stated that the administration wants to be aligned with the Bitcoin community and is paying attention to how the ecosystem is evolving. “We want to give credence to the work and developments happening across the space,” Hines said.
Although no strict deadlines were provided, the overall atmosphere of the interview made it apparent that the Strategic Bitcoin Reserve is still very much a part of the digital asset policy of the administration, though the recent report has not gone into a detailed breakdown.
Earlier this year, Trump signed the executive order of the reserve. Ever since, there is a speculation on how the plan will be implemented. According to the remarks made by Hines, it seems that the administration is still at the beginning stages, yet there is an intention to proceed.
See Also: Trump White House Releases Long Awaited Crypto Report, Calls for Clearer Oversight and Tax Rules
