Do you have a personal goal for the number of Bitcoin that the United States could have? I've heard 1 million thrown out there as a nice big round number.
Yeah, I've heard a lot of different senators and other folks on the Hill talk about specific numbers, but I'd like it to be infinite. We want as much as we can possibly accumulate. It's like asking how much gold you want as a country. With intrinsic store value, you want as much as you can get. That's no different with Bitcoin.
Hello everyone. I'm here with Bo Hines, executive director of the Crypto Council. Bo, let's start with the Bitcoin Strategic Reserve. It captured the attention of the world. Seeing the US say we're not going to sell our Bitcoin was a big deal. What were the conversations leading up to that, and what's the plan moving forward?
This speaks to President Trump's leadership. On day three, he issued an executive order creating the interagency working group, which I direct, and set timelines: 30-day audit, 60-day recommendations, and now a 180-day landmark to produce a comprehensive regulatory framework. On the strategic reserve, the president wants the US to be the Bitcoin superpower. We recognized Bitcoin as unique—a commodity with intrinsic value. We set up both a Bitcoin reserve and a digital assets stockpile to encourage innovation. We want to acquire as much Bitcoin as possible in budget-neutral ways, without costing taxpayers. Many ideas are on the table, and we have a great team including David Sacks, Secretary Lutnick, and Secretary Bessent.
Sounds great. It does. It's amazing.
Senator Lummis has a compelling idea with the Bitcoin Act of 2025: revalue gold certificates at Treasury, currently valued at around $43 an ounce, and use the extra funding to buy Bitcoin. That's one of many creative approaches we're considering, including tariffs and other methods. Everything is on the table. We want as much as we can get and will leave no stone unturned.
These ideas for acquiring more Bitcoin—some are obvious like revaluing gold, but I think people underestimate net new ideas. Are there themes to your brainstorming? How are you thinking from a framework standpoint about the ways to buy more Bitcoin?
Again, Senator Lummis's Bitcoin Act is a key idea. It would mark gold certificates to market price. But we're also looking at tariffs and other creative sources. The interagency working group will generate countless ideas. We want to ensure every option is explored.
Do you have a personal goal for the number of Bitcoin the US could have? I've heard 1 million thrown out there.
I've heard various numbers from senators, but I'd like it to be infinite. We want as much as we can possibly accumulate. It's like gold—you want as much as you can get.
President Trump spoke at Bitcoin Nashville, saying he wanted to be the Bitcoin president and create the Bitcoin superpower. You've spent time with him. What do you think his views on Bitcoin are? Has he said anything to you about it?
First, he delivered on his promise to create the strategic Bitcoin reserve. I think he loves Bitcoin and digital assets. He's made that clear. Our goal is to make the US the crypto capital. We're undoing the damage from the previous administration, which engaged in lawfare. We have an amazing team: Hester Pierce at SEC, Brian Quintenz at CFTC, Secretaries Bessent and Lutnick. With clear regulation, innovation will be unleashed.
I used to say a Bitcoiner would be president one day, but President Trump ran on that platform. What does this mean for the American people? How can they interact with Bitcoin?
We believe Bitcoin is digital gold. With the strategic reserve, we built a digital Fort Knox. I'm not a financial adviser, but consult an expert. View Bitcoin as a way to protect your assets. The US wants to accumulate, not sell. I'd follow our lead. Bitcoin is the grandfather, and other ecosystems are developing. The technology can revolutionize financial systems.
When the strategic Bitcoin reserve was announced, there was also a digital asset stockpile. How are you looking at the rest of the industry?
The rest of the industry will be addressed through two pieces of legislation: stablecoin and market structure bills. These will provide the clarity needed for innovation to thrive onshore. We want to repatriate the innovation that went offshore due to regulatory hostility. We're working with Congress to get these bills to the president's desk by August.
I've talked to many teams. There's a debate: are all digital assets similar, or is there an America-first distinction? How are you thinking through that?
Players that developed frameworks outside the US will want to participate here. We welcome them back. Our focus is creating the best regulatory environment. We have blinders on to accomplish that, and we're moving quickly.
The speed is breathtaking. People didn't expect results so quickly. Let's talk about stablecoins. There's bipartisan agreement and disagreement. How are you approaching stablecoin legislation?
The speed reflects President Trump's leadership and bringing private sector leaders like David Sacks into government. On stablecoins, we understand their importance for dollar dominance and modernizing payment rails. We're helping Congress advance bills like the GENIUS Act and STABLE Act. Chairman Hill and Chairman Scott have passed these out of committee with bipartisan support. We want both stablecoin and market structure legislation on the president's desk by August, alongside our 180-day report.
How do you think this affects US dollar global dominance? I used to think Bitcoin competes with the dollar, but now I think it extends the dollar.
Stablecoins improve payment rails, making it faster to move money. People naturally want a safe harbor in dollars, which strengthens the US. Stablecoin legislation ensures consumer protection and encourages international investment in US Treasuries.
There are foreign issuers like Tether and domestic ones like Circle with different approaches. Can you talk about that? Also, crypto has been bottoms-up adoption. How do you see stablecoins helping?
Stablecoins benefit everyone by reducing friction in financial transactions. We want marketplace competition. The GENIUS Act and STABLE Act provide healthy guidelines. Different players have different strategies, but overall this will drive innovation and growth. It's rare to have a win-win situation, and digital assets offer that.
You sit in a unique seat, hearing support and criticism. Are the critics right about anything?
I disagree with most naysayers. But there is an educational gap. Many in government can't interact with digital assets due to ethics rules, which creates a hurdle. I think as more people use the technology, adoption will grow. We're working to bridge that gap.
Maybe politicians should have experience. Could there be workshops or tutorials to let them try sending $5 on a blockchain?
Absolutely. We'll discuss rule changes with the interagency working group to allow small-scale interaction. We have great champions like Chairman French Hill and Senator Lummis who understand the technology. Workshops could help educate members without drastic changes.
One thing we see in the private sector: when someone innovates, others call asking how they did it. Have you been fielding calls from foreign governments about the strategic Bitcoin reserve? How did you think about it?
Are you looking for a simple way to earn Bitcoin rewards every single day? At Simple Mining, we help people mine Bitcoin, even if you're new. We are a vertically integrated Bitcoin mining company based in Cedar Falls, Iowa, offering premium hosting. With over 500 clients worldwide, we manage 15,000 machines. Our facilities are staffed 7 days a week, and we fix most issues in under 48 hours. Tour our sites in person or online. For your first year, all repairs are covered. We bill for exact running time, and you can pause anytime. Need to buy or sell? Our exclusive miner marketplace gives you freedom to trade. You'll have a custom dashboard to track stats. Our tax team can guide you on depreciation. Ready to grow your Bitcoin stack? Visit simplemining.io.
Have you been fielding calls from foreign governments about the strategic Bitcoin reserve or digital asset stockpile? How did you think about it? They're thinking about it too.
Right now we have blinders on, focused on delivering for the American people. We're committed to making the US the crypto capital. I'm sure other countries will follow, but we need to get our own house in order first. We have a president who truly is the crypto president, and others will chase us.
My free idea: put a national scoreboard in the Oval Office showing how much Bitcoin each country owns. Do you think there's a geopolitical race? Are there strategic reasons to have the most?
With any asset of value, there will be a race to accumulate. We understand that as we consider budget-neutral ways to acquire more. I'm confident in the working group. People are eager to hear the first action, but we want to take the best action. We're moving at tech speed, like a startup. It's exciting and flexible.
There's been a rollback on regulatory and law enforcement sides. The SEC has a new chief. Talk about what's happening.
It's a complete tailwind for the industry. All the relevant agency heads are pro-digital asset innovation. They want to hear from industry. Chairman Atkins and Hester Pierce at SEC, Brian Quintenz at CFTC will be hugely helpful. I've had over 150 meetings with industry folks, from startups to large firms. We're listening to understand challenges and translate that into effective policy. Industry knows best, and we want to absorb their knowledge.
