Reports from legislative sessions or official government documents

U.S. Government's $19B Bitcoin Reserve Plan Faces Legislative Hurdles

Nov 19, 2024, 08:55 AM

Following Donald Trump's re-election, discussions have intensified regarding his proposal to establish a national strategic Bitcoin reserve. The U.S. government currently holds over 208,000 bitcoins, valued at more than $19 billion, primarily from criminal confiscations. The debate centers on whether the government can retain these bitcoins without Congressional approval or if it needs to purchase additional bitcoins to establish a formal reserve. Experts suggest that setting up a reserve depends on the objectives and the methods used, with procedural complexities and legislative hurdles posing significant challenges. Trump's promise to retain confiscated Bitcoin conflicts with these complexities, requiring multi-agency approval, leading to a contentious debate over the feasibility and implications of such a reserve.