- Bo Hines is resigning from his position as executive director of the Crypto Council.
- Patrick Witt, previously a tech official at the Pentagon, is anticipated to succeed him.
Bo Hines, formerly a key figure for crypto matters within the Trump administration under David Sacks’ guidance, is departing from his current role.
The executive director of the White House Crypto Council made an announcement on Sunday regarding his departure to return to the private sector. He described his time in the position as “the honor of a lifetime” in a statement shared on X.
Hines stated that he will continue to serve as a special government employee, contributing to AI initiatives alongside Sacks.
Eleanor Terrett, the host of Crypto in America, reported that Patrick Witt, Hines’ deputy, is expected to assume the executive director responsibilities. A profile can be found here.
Witt’s background includes a senior technology role at the Pentagon, where he helped oversee entities like DARPA and the Missile Defense Agency. He also held positions during the initial term of the Trump administration.
Hines’ exit occurs amidst increasing scrutiny regarding the U.S. government’s Bitcoin holdings, specifically their designated role as the foundation for the nation’s Strategic Bitcoin Reserve.
During a Crypto in America podcast interview two weeks prior, Hines repeatedly declined to provide even an approximate figure for the Bitcoin holdings, explaining only that “there are several reasons we’re not disclosing that at this time.”
This lack of transparency followed reports that suggested the U.S. might possess as little as 29,000 Bitcoin – a number significantly lower than the 200,000 previously suggested by Sacks. The uncertainty arises from the classification differences between seized and forfeited assets, with only the latter being officially recognized as government property.
Currently, there is no indication that Hines’ departure is related to the controversy surrounding the Bitcoin reserves.
Crypto Market Update
- Bitcoin has appreciated by 1.3% in the last 24 hours and is currently trading at $118,170.
- Ethereum has increased by 1.5% during the same period, reaching $4,230.
Further Reading
Kyle Baird is DL News’ Weekend Editor. For tips and inquiries, please contact him at kbaird@dlnews.com.