U.S. Government Still Developing Plans for Bitcoin Reserve Implementation
President Donald Trump has initiated plans for the U.S. government to create a reserve of cryptocurrencies, though progress has been slow. Key details include:
- The directive called for establishing two reserves: one for bitcoin and another for other digital assets.
- A report outlining the infrastructure for these reserves was due in early May but remains unpublished.
- Chief crypto adviser Bo Hines confirmed federal agencies have reported their crypto holdings, initiating the establishment of the reserve.
- The price of BTC has increased by 25% since the executive order was issued.
- Senator Cynthia Lummis is leading legislative efforts with the BITCOIN Act, aiming to codify Trump's initiative into law.
- Representative Nick Begich supports similar legislation in the House and emphasizes the need for more sponsorship to advance the bill.
- Trump's order prohibits new taxpayer spending, directing officials to explore alternative funding methods for acquiring digital assets.
- Estimates suggest the government currently holds around 200,000 bitcoin, with plans to acquire an additional million over five years.
- State governments are also advancing their own cryptocurrency reserves, with Texas poised to invest public funds in bitcoin.
The future of these initiatives depends on the timely passage of related legislation and regulatory frameworks.