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White House Official Calls Bitcoin Digital Gold, Advocates Buying More for U.S. Reserves
In a move that may reshape the United States' approach to financial stewardship and asset diversification, Bo Hines, the Executive Director of the President's Council of Advisers on Digital Assets at the White House, has publicly described Bitcoin as digital gold and stated the U.S government is looking to purchase as much of it as we can possibly get
During testimony before the Senate Banking Committee on June 26, 2025, Hines emphasized that any such acquisitions would be executed through budget‑neutral ways that don't cost the taxpayer a dime, aligning with the Executive Order signed in March 2025, which called for creative, fiscally prudent strategies for building a Bitcoin reserve.
From Seized Crypto to Strategic Reserve
In early March, President Trump issued an executive order to formally establish a Strategic Bitcoin Reserve, funded initially through cryptocurrency seized during criminal and civil forfeiture proceedings. This order created a multi‑agency framework: Treasury must tally all digital‑asset holdings within federal agencies and devise a plan enabling budget‑neutral purchasing of additional Bitcoin.
Reuters described the initiative as forming a “digital Fort Knox” for the world's most prominent cryptocurrency, citing Treasury and Commerce secretaries empowered to implement such purchasing plans provided no new tax or debt burden is incurred. The U.S. is already the world's largest public Bitcoin holder, with an estimated 200,000 BTC in governmental reserves as of March 2025.
Hines Doubles Down: “We're Not Selling”
At the Senate hearing, Hines reiterated that the government intends to hold, not sell, its Bitcoin reserves, emphasizing a long‑term view. “We're not going to sell any Bitcoin that we possibly have in the U.S. government, period,” he stated. “We want as much as we can possibly get,” echoing remarks he made earlier this year at the 2025 Bitcoin Conference .
Further validating the commitment, the executive order stipulates agencies must propose strategies within 60 days for legally and financially evaluating potential asset accumulation.
Industry Applauds, Skeptics Sound Warning
The move has won praise from some in Washington. Senator Cynthia Lummis previously proposed legislation authorizing the government to purchase up to one million BTC over five years, suggesting it could help alleviate national debt without raising taxes or issuing new debt. MarketWatch notes proponents argue a Bitcoin reserve could become a strategic asset akin to gold or petroleum, reinforcing America's position in global financial markets.
However, skepticism remains. Critics point to persistent political and legal hurdles: congressional approval may be needed for significant constructive buying programs lest it be viewed as a taxpayer-funded windfall for crypto holders. Economists warn Bitcoin's extreme volatility undermines its suitability as a reliable reserve asset.
What's Next
As agencies proceed with mandated audits and legal reviews, attention turns to whether the administration will craft mechanisms possibly leveraging seized gold reserves to finance future Bitcoin acquisitions without increasing deficits. With deadlines set for strategy proposals, watchers will see by May–July 2025 if a formal, budget-neutral Bitcoin accumulation program moves forward.
Meanwhile, Bitcoin markets have shown resilience. Despite a modest price pullback following the March order, optimism grew as the long‑term tone and official backing reassured institutional confidence.
Bottom Line
Bo Hines's reference to Bitcoin as digital gold aligns policy with rhetoric: positioning the U.S. to not only hold but strategically accumulate Bitcoin. Whether it unfolds into mainstream acceptance or stumbles against political and economic scrutiny will likely shape the future interplay between crypto and national finance.