Emily Walker
In a surprising disclosure on the latest Coin Stories podcast, host Nathalie Brunell sat down with Perianne Boring, the founder and CEO of The Digital Chamber. Boring shared an unexpected reaction from the United States Federal Reserve regarding a proposed US Strategic Bitcoin Reserve. She recounted that an official openly dismissed the idea as “the dumbest idea” he’d ever heard.
Boring described the intense atmosphere during her discussion at the Fed. “The reaction I encountered was unprecedented at that boardroom table. The people present were swearing and declaring that this idea was laughable. They insisted there is nothing strategic about Bitcoin,” she recalled.
According to her, the group nearly faced ejection from the meeting due to their strong disapproval of the concept, emphasizing that suggesting such an idea in the Federal Reserve was outrageous. Boring mentioned that Trump’s campaign promise to create a national Bitcoin stockpile could lead to significant controversy and opposition.
Brunell inquired whether this resistance came from a lack of understanding or an unwillingness to change the current financial system. Boring suggested that it might be a mix of both factors, as the Fed currently holds exclusive rights over the money supply. However, she proposed that adopting Bitcoin could help secure this monopoly, possibly by backing the US dollar or Treasury bonds with BTC.
Boring elaborated, stating, “The Federal Reserve currently has a monopoly on currency, and it’s in their best interest to maintain that control. However, integrating Bitcoin could actually support that monopoly by potentially backing the US dollar or Treasury bonds with it.”
Will This Halt Trump’s Bitcoin Stockpile Initiative?
Brunell highlighted recent comments made by Trump and his family, particularly Eric Trump’s address at the Bitcoin conference in Abu Dhabi, indicating that the former President might follow through on his plans. There’s speculation that he could address part of the national debt via a “crypto credit card” or even eliminate capital gains tax on Bitcoin.
When asked about Trump’s potential strategies to fulfill his Bitcoin promises, Boring explained, “There are several pathways to accomplish this. The candidate Trump committed to establishing a strategic Bitcoin stockpile.”
His proposal includes utilizing the 208,000 BTC currently held by the US government, mainly overseen by agencies such as the US Marshals Service and the Department of Justice, and moving it to the Treasury’s balance sheet. This strategy aims to “safeguard the Bitcoin from being sold or shuffled around for different uses, placing it directly under Treasury control.”
Following Trump’s announcement at the Nashville Bitcoin conference, Senator Cynthia Lummis proposed the Bitcoin Act, which seeks to establish an even larger Strategic Bitcoin Reserve by acquiring an extra 1 million BTC. Meanwhile, Robert F. Kennedy Jr. has suggested upping the ante to 4 million BTC, leading Boring to remark, “The optimism around Bitcoin could escalate rapidly.”
Discussing the legal framework, Boring pointed out that “there are substantial executive powers that the President possesses” to initiate at least the initial steps in this plan—specifically consolidating the government-controlled Bitcoin under a new reserve. She noted that while a congressional act is typically needed for major financial commitments like purchasing more Bitcoin, the executive could access various funding sources. “If there’s determination, there’s a way,” stated Boring. “President-elect Trump made this commitment to our community, and I see no obstacles in his path.”
When asked if she anticipated the US would accumulate more Bitcoin in a year, Boring refrained from giving a direct forecast but stressed that the “authority exists,” and the success of this initiative largely depends on strong leadership at the highest level: “This starts with leadership… you need someone at the top willing to embark on an ambitious mission.”
As of now, BTC is valued at $95,722.