In a bid to strengthen the United States’ position in the digital asset space, President Donald Trump has signed two Executive Orders aimed at building a regulatory framework for digital assets and establishing the nation’s first Bitcoin reserve.
The latest of these orders, issued on March 6, directs an audit of the nation’s current Bitcoin holdings, which are estimated to be around 200,000 BTC. It also explores the possibility of purchasing additional Bitcoin through “budget-neutral strategies,” addressing concerns over any potential impact on the national deficit.
According to Bo Hines, executive director of the presidential council on digital assets, the U.S. is actively pursuing plans to increase its Bitcoin reserves. Speaking at an event hosted by Blockworks in New York on March 18, Hines reiterated the importance of “having, retaining, and building on” the country’s digital gold—a term often used to describe Bitcoin due to its role as a store of value.
Hines addressed questions on the U.S. government’s Bitcoin acquisition strategy, saying, “As much as we can get,” when asked about the amount of Bitcoin the country plans to accumulate. This response emphasizes the administration’s ongoing commitment to expanding the U.S. Bitcoin holdings in the long term.
Legal Challenges Could Affect U.S. Bitcoin Holdings
Currently, the U.S. is the largest nation-state Bitcoin holder, with its Bitcoin reserves primarily consisting of assets seized in criminal investigations, including from the infamous Silk Road marketplace and the Bitfinex exchange hack. However, a Department of Justice (DOJ) filing could alter this position.
In a recent legal move, the DOJ has proposed returning approximately 95,000 BTC stolen from Bitfinex in 2016 to the rightful owners. If approved by the courts, this could reduce the U.S.’s Bitcoin holdings, potentially dropping the country to the second-largest sovereign BTC holder, behind China.
The outcome of this case could have significant implications for the U.S.’s Bitcoin strategy and overall market position in the future.
For more details on the White House’s plans and ongoing developments in Bitcoin policy, visit Crypto News.
As the Trump administration pushes forward with its digital asset framework, the U.S.’s growing Bitcoin holdings will continue to be a key area of focus, both domestically and globally.
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