Financial Insights That Matter
Is Trump considering tapping gold reserve to buy bitcoin?
Photo : AP
The claim has gone viral on X (formerly Twitter), with many users celebrating the alleged development.
While Hines suggested that the US might consider tapping the gold reserve to purchase Bitcoin, the claim on social media that this is a new development is not true. Benzinga carried Hines’ comment in the publication on March 23 and made it clear that he referenced the 2025 Bitcoin Act, introduced by Senator Cynthia Lummis (R-Wyo.), which proposes that the United States gradually purchase 1 million Bitcoin—around 5% of the total supply—over five years. The plan would be financed by selling Federal Reserve gold certificates.
Lummis has only introduced her bill in the US Senate, and it has not been voted on by the Senate or the House. Five other Republican senators have co-sponsored the bill.
Currently, the US is not considering using its gold reserves to purchase Bitcoin. However, the Trump administration has adopted a more crypto-friendly approach, with President Trump assigning Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to explore strategies for acquiring Bitcoin and establishing a national strategic reserve.
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