Newsletter: As the US government lays a very favorable groundwork for the crypto industry, Trump positions himself for maximum personal profits. Meanwhile crypto companies write their own rules, and an adviser mulls swapping US gold reserves for bitcoin.
Lead crypto adviser Bo Hines is already hard at work getting “a lot of high IQ people” to work on “countless ideas” for how the US can add more bitcoin to its reserve while remaining technically “budget neutral”.
![Any sense of relief that may have followed the March executive order’s stipulation that a “strategic bitcoin reserve” would not incur costs to taxpayers has melted away with news that White House are already looking for creative ways to acquire bitcoin in a “budget neutral” way.
Bo Hines, the baffling choice of executive director for the White House’s “crypto advisory council” [I72, 74], sat for an interview in which he commented that “there’s a lot of high IQ people working on ... countless ideas” to ~~pump bitcoin prices to profit bitcoin holders~~ acquire additional bitcoins for the reserve, including “realizing the gains” on US gold reserves. Asked by the interviewer if he might consider selling some of the country’s gold reserves to swap them for bitcoin, Hines answered, “if it's budget neutral and doesn't cost a taxpayer a dime”.5
In the same interview, he commented that bitcoin “is different” from the other crypto assets like Ether, Ripple’s XRP, Solana, or Cardano’s ADA. “It’s unique. It’s a commodity, not a security.” Evidently, Hines has not been briefed that they’re not supposed to admit anymore that these other crypto assets are securities.5](/proxy/post_attachment/467777/7d318c8648.png "Any sense of relief that may have followed the March executive order’s stipulation that a “strategic bitcoin reserve” would not incur costs to taxpayers has melted away with news that White House are already looking for creative ways to acquire bitcoin in a “budget neutral” way.
Bo Hines, the baffling choice of executive director for the White House’s “crypto advisory council” [I72, 74], sat for an interview in which he commented that “there’s a lot of high IQ people working on ... countless ideas” to ~~pump bitcoin prices to profit bitcoin holders~~ acquire additional bitcoins for the reserve, including “realizing the gains” on US gold reserves. Asked by the interviewer if he might consider selling some of the country’s gold reserves to swap them for bitcoin, Hines answered, “if it's budget neutral and doesn't cost a taxpayer a dime”.5
In the same interview, he commented that bitcoin “is different” from the other crypto assets like Ether, Ripple’s XRP, Solana, or Cardano’s ADA. “It’s unique. It’s a commodity, not a security.” Evidently, Hines has not been briefed that they’re not supposed to admit anymore that these other crypto assets are securities.5")
@molly0xfff There is no such thing as a bitcoin reserve. It is not tangible. Probably less than stocks.