According to a newly released White House report, the US is accumulating Bitcoin as part of a strategic reserve, confirming assumptions within the digital asset sector.
Strategic Bitcoin Reserve
The report formally acknowledges that the US government maintains a strategic Bitcoin reserve. Although the exact amount of Bitcoin remains classified, officials recognize the significance of this asset, describing it as 'digital gold.' According to Bo Hines, Executive Director of the US Crypto Council, 'We understand the importance of the Strategic Bitcoin Reserve.'
Broader White House Strategy
The current efforts to accumulate Bitcoin are part of a broader White House strategy to regain global leadership in digital assets. The 160-page report outlines recommendations for stablecoins, market access, and financial integration, aimed at eliminating uncertainty and regulatory confusion.
Legislative Initiatives
The administration is backing a bill called the Clarity Act, which is expected to be voted on in the Senate by October. The report also outlines early steps towards a more open banking system for crypto companies, with anticipated increased cooperation from the Federal Reserve.
Thus, the new initiatives and acknowledgment of Bitcoin as a strategic asset demonstrate the changing US attitude towards digital currency and the desire for streamlined regulation.
