The US Government Confirms Accumulating Bitcoin as Part of Strategic Reserves to Strengthen Its Position in Cryptocurrency.
A new White House report first recognizes Bitcoin as a special strategic asset, in the context of the overall development of national digital asset reserves.
- The US Political Bureau officially maintains a strategic Bitcoin reserve.
- The overall strategy aims to enhance the role of cryptocurrency in national financial economics.
- The government promotes a shift from enforcement management to legislative design supporting development.
How Does the White House Confirm the US Has a Strategic Bitcoin Reserve?
According to a recently published 160-page cryptocurrency report, the US government acknowledges holding a strategic Bitcoin reserve alongside broader national digital assets. Although specific details remain confidential, this recognition marks a turning point where Bitcoin is viewed as "digital gold". Bo Hines, Executive Director of the US Cryptocurrency Council, appreciates the importance of this reserve in consolidating the nation's digital assets.
Publicly confirming the strategic Bitcoin asset helps the government gain additional financial management tools and optimize resources in a context where cryptocurrency is becoming increasingly essential to the global economy.
"We clearly understand the importance of the Strategic Bitcoin Reserve. We are loyal Bitcoin fans and the Bitcoin community, and we are committed to delivering the best results for them."
Bo Hines, Executive Director of the US Cryptocurrency Council, 2024
What Are the Details of the Bitcoin Amount Currently Owned by the US Government?
Bo Hines refused to disclose the exact number of Bitcoins in the strategic reserve due to multiple security and strategic reasons. He emphasized that the government always wants to own as many Bitcoins as possible to ensure long-term digital strategic positioning.
Keeping the quantity secret helps limit potential negative fluctuations or financial risks that might arise in the cryptocurrency market. The US government continues to actively purchase when conditions are appropriate and will disclose figures when deemed suitable.
What Is the White House's Overall Strategy for Digital Asset Development?
The Bitcoin reserve is just part of a broader strategy to reaffirm the US's leading position in global cryptocurrency. The report also proposes national financial policies including stablecoin development, market access expansion, and digital financial integration.
The policy shifts from "management through enforcement" to "design-based management" to create a clear legal framework supporting cryptocurrency businesses to operate effectively. Hines also welcomes cryptocurrency companies that previously left the US to return and continue developing.
"We are transitioning from enforcement management to design-based management, and telling cryptocurrency businesses that left: 'Welcome home'."
Bo Hines, Executive Director of the US Cryptocurrency Council, 2024
Additionally, the White House supports the Clarity Act bill to be passed by the Senate in October 2024, forecasting expanded cooperation with the Federal Reserve in developing an open banking system for cryptocurrency companies.
How Will New Policies Impact Cryptocurrency Businesses in the US?
Policies promoting transparent management and active support will help cryptocurrency businesses develop confidently in the US market, limiting relocation due to legal instability. Increasing collaboration between regulatory agencies and companies will stimulate innovation and enhance competitive positioning.
The report also proposes a clear legal framework for stablecoins to protect users and increase cryptocurrency market liquidation, helping to promote more sustainable DeFi investment and applications.
Frequently Asked Questions
How Much Bitcoin Does the US Government Hold?
The amount has not been officially disclosed due to strategic security reasons, but the government confirms it is storing and wishes to increase its Bitcoin holdings.
Why Does the White House Call Bitcoin "Digital Gold"?
Bitcoin is seen as an asset with safe storage value, transparency, and resistance to inflation, similar to the role of traditional gold.
How Will the New US Strategy Impact the Cryptocurrency Market?
The strategy creates a clear legal environment helping to enhance innovation, attract investment, and connect global markets.
What Benefits Will the Clarity Act Bring to Cryptocurrency?
The bill helps define the legal framework for stablecoins and other digital assets, ensuring transparency and investor protection.
What Plans Does the US Government Have to Support Cryptocurrency Companies?
The government promotes an open banking system, cooperates with the Federal Reserve, and opens doors for companies to return to the US.
