Bitcoin and crypto prices are struggling to regain momentum after a steep sell-off over the last month

The bitcoin price has bounced around $80,000 per bitcoin after falling in the aftermath of Donald Trump's executive order

U.S. President Donald Trump could be planning to buy huge swathes of bitcoin, a move that would likely send the bitcoin price sharply higher.

The Trump administration is planning to acquire as much bitcoin as possible, one of the president’s top bitcoin and crypto officials reportedly said.

Bo Hines, executive director of the presidential working group on digital assets, told attendees of a closed-door round table hosted by the Bitcoin Policy Institute that the White House plans to buy as much bitcoin as it can, crypto news outlet Decrypt reported, citing multiple anonymous sources.

A White House official confirmed Hines’ comments to Decrypt, adding any such acquisitions would be made “in a budget neutral way that doesn’t cost the taxpayers a dime.”

The private meeting was reportedly attended by U.S. senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH) as well as Strategy founder Michael Saylor, bitcoin miner Marathon Digital (NASDAQ:MARA) chief executive Fred Thiel, Anchorage Digital CEO Nathan McCauley, and the chief executive of Bitcoin Magazine publisher Bitcoin Inc David Bailey.

Lummis this week reintroduced legislation that would see the U.S. buy up to one million bitcoin over five years, enshrining into law the strategic bitcoin reserve created by Trump via executive order earlier this month.

Trump’s executive order creating the bitcoin reserve was met with a bitcoin price sell-off due to its lack of commitment to buying additional bitcoin. This U.S. currently holds around 200,000 bitcoin, accumulated via civil and criminal forfeitures.

However, Trump’s crypto czar David Sacks has said the U.S. Treasury will be working to “maximize the value” of the bitcoin and other cryptocurrencies held by the U.S. in its reserve and its broader crypto stockpile of other digital assets.

“Disappointment over the U.S. government’s strategic bitcoin reserve, formed from seized assets rather than immediate additional purchases, has also weighed on sentiment,” Tagus Capital analysts wrote in an emailed note.

“However, concerns over the strategic bitcoin reserve may be overdone, with the potential for budget-neutral future purchases by the U.S. government and an acceleration of other nations adopting bitcoin as strategic reserves.”

The bitcoin price has fallen back from its all-time high, reached in the aftermath of Donald Trump's November election victory.

Despite the bitcoin price plummeting in recent weeks, bitcoin and crypto market watchers have been talking up recent developments in the U.S. and abroad, predicting the dip is temporary.

“Despite considerable market headwinds, the crypto industry has witnessed several groundbreaking developments, namely: the establishment of a U.S. bitcoin strategic reserve; the establishment of a U.S. digital asset stockpile; the Office of the Comptroller of the Currency’s authorization for banks to engage in crypto assets; the recognition of stablecoins and real-world assets; and here in Europe the introduction of the E.U.’s MiCA regulations,” Brett Reeves, head of European sales at crypto infrastructure provider BitGo, said in emailed comments.

"These advancements, which seemed aspirational merely a year ago, reflect a rapidly evolving landscape where digital assets are becoming integral to the global financial system. So whilst prices may be crashing for now, we must remember how far we've come in a short space in time and just how much potential this space has in the years ahead."