Digital Assets Director Bo Hines confirmed that the Strategic Bitcoin Reserve is still on track, despite its absence from the latest crypto report. The government, according to him, is working on establishing a Bitcoin reserve, a process that requires significant time and effort to ensure its longevity and success.
US Bitcoin Reserve Plan Remains Active, Says Bo Hines
On Wednesday, the White House released the much-anticipated 163-page crypto report. However, the report did not offer much new insight into the crypto industry, including details on the Bitcoin Reserve plans that remain shrouded in mystery.
While this omission sparked concerns, Bo Hines, the Director of the President’s Council of Advisers on Digital Assets at the White House, confirmed that the BTC reserve plan remains a priority. He added that the process takes time, positing, “This requires some labor to get it set up properly.” In an interview on Crypto in America, Hines stated,
We do believe in accumulation…We have it, it’s been established […] we also have the strategic national digital assets stockpile…We understand the importance of the strategic Bitcoin reserve, we’re enormous fans of Bitcoin and the Bitcoin community, we want to deliver for them as well, and I’m certain that we will.
Last week, Bo Hines revealed that the White House would release its crypto report on July 30. It was expected that the report would probably provide an update on the Working Group’s findings regarding the amount of Bitcoin the U.S. currently holds and how it should proceed with using it to establish the reserve.
Is US Bitcoin Reserve Under Threat?
Earlier this month, Hines stated that the president’s executive order on Bitcoin reserves required a report, but the administration is keeping it under wraps for now and may choose not to release it. He added,
They have received the numbers from the different entities inside the government. Now the process begins in terms of establishing the reserve, the actual infrastructure behind it.
Notably, the white house crypto report hasn’t mentioned details of the crypto holdings, defying expectations. The government has failed to reveal how much Bitcoin the country holds, and Bo Hines has remained similarly tight-lipped. During the interview, he stated,
I can’t discuss that right now. There are several reasons why we are not disclosing that information at this time.
Nonetheless, the Digital Assets Director stated that the country would accumulate “as much Bitcoin as possible.” He added that they would continue working to achieve this objective.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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