Jack Shapiro, Policy Director of the Bitcoin Policy Institute (BPI), mentioned in an interview with Bitcoin Magazine this week the potential impact of the U.S. government's acquisition of 1 million Bitcoins (BTC) on the cryptocurrency market. Shapiro stated, "If the U.S. announces the purchase of 1 million Bitcoins, it would be a global seismic shift, and the Bitcoin price could quickly reach $1 million per BTC."
These discussions took place against the backdrop of a presidential decree signed by Trump in March establishing a strategic Bitcoin reserve and digital asset stockpile. Subsequently, pro-cryptocurrency Senator Cynthia Lummis resubmitted the "BITCOIN Act" mandating the U.S. government to purchase 1 million BTC. However, the likelihood of the bill passing Congress is considered low.
Matthew Pines, Executive Director of BPI, explained, "If Trump aims to become a Bitcoin superpower, the quantity of Bitcoin held ultimately matters. This is an indicator of how seriously the U.S. intends to achieve that goal."
Trump's presidential decree also instructed the Treasury and Commerce Secretaries to develop a 'budget-neutral' strategy for additional Bitcoin purchases without burdening taxpayers. Pines cited customs revenue as a potential source of funds for the U.S. government to acquire Bitcoin.
Pines revealed, "The government is considering revenues such as customs income, fees collected by the government, and other sources." This includes royalties from oil and gas leases, federal land sales, physical gold, and other digital assets.
Moreover, Pines pointed out that the U.S.'s large-scale Bitcoin acquisition could prompt other countries to develop their own Bitcoin strategies. Meanwhile, Bo Hines, a senior digital asset official in the Trump administration, stated this week that they are exploring 'creative methods' to acquire Bitcoin using customs revenue and other sources.
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