A top White House crypto official said this week that the Trump administration is considering revaluing decades-old gold certificates as a novel way to expand the country’s Bitcoin (BTC) holdings without increasing the federal deficit.
Bo Hines, who leads the President’s Council of Advisers on Digital Assets, said during an interview on the Crypto in America podcast that the administration is open to budget-neutral methods of acquiring additional Bitcoin for the Strategic Bitcoin Reserve.
President Donald Trump recently authorized the creation of a national Bitcoin reserve earlier this month via executive order, signaling a broader shift in US digital asset policy.
The government already controls approximately 207,000 BTC, largely obtained through forfeitures, making it the largest known Bitcoin holder among nations.
Gold revaluation
According to Hines, the administration is actively thinking of many “creative” strategies to accumulate more Bitcoin.
He said:
“There’s been countless ideas… If it’s budget neutral and doesn’t cost the taxpayer a dime, we’ll see whatever creative ideas we can come up with.”
One of the ideas gaining traction involves recognizing the full market value of gold-backed certificates that remain priced far below their actual worth.
Under current law, gold certificates held by Federal Reserve banks are valued at a fixed statutory price of $42.22 per ounce, which has remained unchanged since the early 1970s.
With gold now trading above $3,000 an ounce, the difference between book value and market value represents a potential windfall — one that could be redirected toward digital asset accumulation, Hines said.
The concept reflects provisions outlined in the BITCOIN Act of 2025, introduced by Senator Cynthia Lummis. The bill calls on the Federal Reserve to return outstanding gold certificates to the Treasury, which would then reissue them at a price reflecting the actual market value of the gold they represent.
Supporters argue that revaluation could generate billions in unrealized gains — capital that could be allocated to bolster the federal Bitcoin reserve. Lawmakers from the Senate and the House are making bipartisan efforts to push the legislation forward.
Hines noted that no decisions have been finalized but signaled that inter-agency discussions are ongoing.
“We’re going to hear some tremendous ideas about how we can do it. I just don’t want to box us in yet to what that actually looks like because I want to be able to hear from everybody.”
Unique asset
Hines emphasized that the administration views Bitcoin as a unique asset class with characteristics distinct from those of other digital currencies. He added that its decentralized nature and fixed supply make it particularly attractive as a long-term store of value.
Hines noted:
“David [Sacks] likes to say it has the immaculate conception, meaning there’s no issuer. It has intrinsic stored value, and it’s traditionally accepted store of value as well. We wanted to make that distinction [between stockpile and reserve].”
The administration’s digital asset strategy includes separate tracks for Bitcoin and a broader “stockpile” of altcoins, which are expected to be managed under different legal and regulatory frameworks.
Commerce Secretary Howard Lutnick previously emphasized that Bitcoin would be treated separately from other tokens under the executive order.
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