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U.S. Races to Become Bitcoin Superpower – White House Crypto Advisor Bo Hines
The United States is racing against time to become the world’s biggest Bitcoin holder and a global leader in cryptocurrency, according to White House crypto advisor Bo Hines. In an interview with Bitcoin Magazine, Hines revealed that the government is planning to set up a national Bitcoin reserve and work with the U.S. Treasury to design strategies for buying more without adding to the national budget.
Hines’ statements come as countries around the world are quietly accumulating Bitcoin as a long-term asset, mirroring the rush of the space race during the 1960s. The White House advisor emphasized that the United States cannot fall behind in this “modern-day space race” and must act quickly to grow its cryptocurrency holdings.
According to Hines, the administration is working closely with the Treasury to identify opportunities to buy Bitcoin without increasing the national debt. This strategy would allow the U.S. government to acquire more BTC without straining the budget, making it a shrewd financial move in the eyes of some experts.
In an effort to solidify America’s position as a global cryptocurrency leader, Hines has also emphasized the importance of clear rules for the crypto industry. He wants the U.S. to become the first country to establish a comprehensive regulatory framework that will encourage innovation and investment in this rapidly growing sector.
This strategic move is part of President Trump’s vision to make America the “crypto capital of the world.” Hines believes that Bitcoin, dubbed “digital gold” by him, holds immense value due to its scarcity. He emphasized the importance of securing a strong position for the U.S. in the global market.
In another significant development, Hines highlighted steps already taken during Trump’s first 100 days back in office. The administration has made significant progress by issuing an executive order that put an end to “Operation Chokepoint 2.0,” a campaign that unfairly targeted crypto companies. Additionally, the Securities and Exchange Commission (SEC) dropped major lawsuits against cryptocurrency firms, and U.S. banking regulators began easing rules on these businesses.
Notably, Matthew Pines, Executive Director at the Bitcoin Policy Institute, shed light on the United States’ strong position in the Bitcoin market. He stated that it is likely that America owns between 35% to 40% of all mined Bitcoins, which contrasts with its holding of around 8% to 10% of the world’s above-ground gold.
Hines’ statements serve as a reminder of the U.S.’s dominant position in the global Bitcoin market and underscore the significance of establishing a national reserve.
Source: https://coinpedia.org/news/u-s-races-to-become-bitcoin-superpower-white-house-crypto-advisor-bo-hines/
