Bitcoin Continues to Gain Traction in the U.S. Political Landscape

Bitcoin continues to gain traction in the U.S. political landscape, with President Donald Trump's top crypto advisor, Bo Hines, showing openness to a bold idea

President Donald Trump’s top crypto advisor, Bo Hines, is exploring the possibility of swapping Fort Knox gold reserves for Bitcoin, showcasing the administration’s interest in new ideas within the cryptocurrency sphere.

Hines, who serves as the Executive Director of Digital Assets for Trump’s campaign, is a strong advocate for Bitcoin, often referring to it as “digital gold.” He argues that the cryptocurrency deserves recognition on a par with physical gold, and he believes the U.S. should be more engaged with digital assets.

Discussing the potential for a Bitcoin-funded government initiative, most likely in the form of a cryptocurrency bill, Hines told FOX Business’ Eleanor Terrett that he is open to discussing the idea of exchanging Fort Knox gold for Bitcoin, provided it remains a budget-neutral move.

“I think we can discuss anything. It would have to be a budget-neutral item. We’re not adding anything to the taxpayer burden or anything like that. So, anything that comes in that vein, I’m sure we can discuss.”

However, Hines noted that there are no plans for such a move at present, and he prefers to focus on the administration’s ongoing efforts to introduce new ideas in the crypto space.

This discussion aligns with Senator Cynthia Lummis’s recent efforts to introduce a new version of her 2024 BITCOIN Act at the Bitcoin Miami 2024 conference.

Lummis’s bill aims to create a national Bitcoin reserve by selling a portion of the Federal Reserve’s gold certificates and investing the funds in BTC.

The 2024 iteration of the bill suggests purchasing 1 million BTC, which would amount to approximately 5% of Bitcoin’s circulating supply.

Lummis’s initial bill, which was introduced in January 2024, did not gain significant traction. However, her recent appearance at the Miami conference signals a renewed push to integrate Bitcoin into the U.S. monetary system.

During a discussion about Trump’s stance on altcoins, it was noted that the administration is open to supporting other cryptocurrencies.

So far, Trump has mentioned Ethereum, XRP, Solana, and Cardano as the assets that could be included in a national crypto reserve, an idea he first raised in December 2024.

However, Hines pointed out that these four coins were simply highlighted due to their market dominance.

“I think the president is open to anything that is going to benefit the American people. So, if there are other coins that people feel passionate about, or coins that we should be including in this discussion, we are certainly open to it.”

At present, Bitcoin is trading at a price of $84,170.00, with a 24-hour trading volume of $31,386,896,643.00. It has a fully diluted valuation of $9,000,000,000, and its total supply is 21,000,000 BTC, while the circulating supply is 7,789,650 BTC.

Crypto analyst Ali Martinez says that for Bitcoin to continue its upward trend, it must stay above $94,000. If this level breaks, BTC could surge to $112,000.

But if the price falls below $76,000, a sharp drop to $58,000 or lower might follow.