Trump’s top crypto consultant open for budget-neutral gold-to-bitcoin reserve swap

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Bo Hines, Trump’s Crypto Council boss and head of the Presidential Council of advisors for digital assets, also known as Crypto Council, said that he was open to the research of Fort Knox Gold Reserves for Bitcoin, as long as there is no influence on the government’s budgetary balance sheet.

“If it is budget -neutral and a taxpayer does not cost a cent, they replace one kind for the other,” said Hines in an interview with the Fox Business journalist Eleanor Terrett. He was asked if it would be possible to sell some of the US gold reserves to buy Bitcoin.

However, Hines noticed that the working group was not obliged to a specific strategy at this point. Instead, the group players are ready to research various “creative ideas”, and Hines himself wants to hear different perspectives.

“One thing that is different in this white house is that we welcome new ideas and innovative solutions,” said Hines.

When asked whether the administration would include other crypto assets in addition to Ethereum, XRP, Solana and Cardano -four large old coins that Trump mentioned in his first national crypto reserve declaration emphasized that they support innovations in many crypto ecosystems.

He also made it clear how David Sacks had previously done that the four old coins were mentioned due to their market capitalization dominance.

Lummis’ suggestion to sell part of the gold stocks of Fed

Senator Cynthia Lummis previously suggested that the US Ministry of Finance should consider converting part of the gold stocks of the Federal Reserve into Bitcoin to create a national Bitcoin reserve.

Last year, Lummis presented the Bitcoin Act (boosting innovation, technology and competitiveness through optimized investments nationwide) that proposed to acquire 1 million Bitcoin, about 5% of the total circulating offer by selling FED -Gold certificates.

The proposal corresponds to Trump’s plans to build a Bitcoin reserve, even though the president’s first strategy focused on the use of confiscated state Bitcoin -Holdings.

“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” said Lummis in an interview with Bloomberg in November. “So the effect on the US balance is quite neutral.”

Lummi’s draft law did not continue during the 2023-2024 congress meeting. Last week, however, she reintroduced the Bitcoin Act (p.954) on a Bitcoin-focused conference organized by the Bitcoin Policy Institute, in which the USA purchase 1 million Bitcoin.

The text of the law was not submitted from March 21st.

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