- Bo Hines has resigned as the Executive Director of the White House Crypto Council to return to the private sector.
- During his tenure, he proposed a “budget-neutral” strategy to acquire Bitcoin for a national reserve by revaluing government gold holdings and selling a portion of them.
- Patrick Witt, who has a background in college football and government but no professional crypto experience, is expected to take over the position.
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Bo Hines, who was appointed as the Executive Director of the White House Crypto Council in December 2024, has announced he is leaving his post. Hines stated his intention to return to the private sector.
In a public statement, he thanked the crypto community for their support and credited his work alongside AI & Crypto Czar David Sacks for helping to establish the US as a global crypto hub.
The Strategic Bitcoin Reserve and Budget-Neutral Acquisition
In January, President Donald Trump signed an executive order to create a national crypto stockpile and a strategic Bitcoin reserve. This order dictates that the federal government can’t sell its existing BTC holdings and must acquire new Bitcoin using “budget-neutral” strategies, meaning that new Bitcoin must be obtained without creating additional costs to the U.S. budget, such as through asset seizures.
To achieve this, Hines previously proposed a method in March: He suggested that the US government could revalue its gold holdings, which are currently priced at a historical rate of US$42.22 (AU$64) per ounce, significantly below the market price of approximately US$3.4K (AU$5.2K) per ounce.
Hines proposed that a portion of the newly revalued gold could then be sold to acquire more Bitcoin for the national reserve.
Who Will Take The Seat?
Patrick Witt is expected to take over as head of the White House’s crypto council.
Witt previously held the title of Deputy Chief of Staff at the US Office of Personnel Management during the first Trump administration.
Today, Witt holds a unique dual role, also serving as the acting director of the Pentagon’s Office of Strategic Capital. But unlike his predecessor, Witt has no reported professional history within the crypto industry.
For reasons unclear, the Trump administration seems intent on tapping former college football players to manage crypto assets. Witt, a former Yale quarterback, also made a brief run for Congress in Georgia.
But his candidacy for a Rhodes Scholarship was withdrawn after a sexual misconduct complaint from an ex-girlfriend, an allegation Witt has denied.
Related: Crypto Paychecks Surge: One in Ten Now Paid in Stablecoins, Led by USDC
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