title: Bo Hines, Trump’s Crypto Council Chief, Open to Exploring Fort Knox Gold Reserves for Bitcoin

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The Trump administration is open to exploring an exchange of Fort Knox gold reserves for Bitcoin, as long as it has no effect on the government’s budget balance, according to Bo Hines, Trump’s Crypto Council chief and head of the Presidential Council of Advisers for Digital Assets.

Hines, who was recently appointed by President Trump to advise him on cryptocurrency matters, said in an interview with FOX Business’ Eleanor Terrett that the administration is considering a variety of options for adding Bitcoin to the US reserves.

“If it’s budget neutral and doesn’t cost a taxpayer a dime, you kind of exchanging one for the other,” said Hines, when asked if it would be possible to sell some of the US gold reserves to buy Bitcoin.

However, Hines noted that the working group is not committed to any specific strategy at the time. Instead, the group actors are willing to explore various “creative ideas” and Hines himself wants to hear diverse perspectives.

“One thing that’s different about this White House is we welcome in new ideas, innovative solutions,” Hines said.

When asked if the administration would include other crypto assets besides Ethereum, XRP, Solana, and Cardano—four major altcoins that Trump mentioned in his first national crypto reserve statement, Hines said that they support innovations across many crypto ecosystems.

When asked if the administration would include other crypto assets besides Ethereum, XRP, Solana, and Cardano—four major altcoins that Trump mentioned in his first national crypto reserve statement, Hines said that they support innovations across many crypto ecosystems.

He also clarified, like David Sacks had previously done, that the four altcoins were mentioned due to their market cap dominance.

Lummis’ proposal to sell off a portion of Fed’s gold holdings

Senator Cynthia Lummis previously suggested that the US Treasury Department should consider converting a portion of the Federal Reserve’s gold holdings into Bitcoin to create a national Bitcoin reserve.

Lummis, a staunch supporter of cryptocurrencies, proposed this idea in an interview with Real Vision, elaborating on her vision for a U.S. Bitcoin standard.

Last year, Lummis introduced the BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide), which proposed acquiring 1 million Bitcoin, approximately 5% of the total circulating supply, through the sale of Fed gold certificates.