US Senator Hints Trump’s Latest EO Could Mean The US Buying Bitcoin
By Turner Wright | CoinTelegraph
US President Donald Trump has signed an executive order directing the government to create a sovereign wealth fund, with industry advocates and at least one lawmaker suggesting the action could lead to the government acquiring Bitcoin.
Trump signed the executive order (EO) in a Feb. 3 press event in the Oval Office, directing Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick to “begin a process that will hopefully result in the creation of an American sovereign wealth fund.” According to Bessent, the EO would be enacted “within the next 12 months” and “monetize the asset side of the US balance sheet.”
From left to right: US Treasury Secretary Scott Bessent, President Donald Trump, and Commerce Secretary Howard Lutnick on Feb. 3. Source: Bloomberg Television
Trump, Bessent and Lutnick did not specifically say whether the fund, if established, would invest in cryptocurrencies like Bitcoin, but they suggested the government could purchase TikTok. The video-sharing app is still subject to a law requiring its parent company, ByteDance, to divest its US business or face a potential ban.
Wyoming Senator Cynthia Lummis posted to X after the EO signing to hint that the sovereign wealth fund could be used to buy BTC.
This is a ₿ig deal.
— Senator Cynthia Lummis (@SenLummis) February 3, 2025
Bitcoin advocate Wayne Vaughan, who has also called on the US government to create a strategic Bitcoin reserve, said Bessent and Lutnick “both like Bitcoin” and could set up the wealth fund to invest in crypto.
Not everyone is on board with Trump EOs
Since taking office on Jan. 20, Trump has signed several executive orders that faced immediate lawsuits from organizations and authorities questioning the president’s power to enact laws through executive actions. For example, a federal judge blocked an EO attempting to revoke birthright citizenship under the 14th Amendment to the US Constitution, calling the action “blatantly unconstitutional.”
Among Trump’s campaign promises to the crypto industry were pardoning Silk Road founder Ross Ulbricht, establishing a Bitcoin stockpile, having all BTC mined in the United States, and halting the development of a potential US central bank digital currency (CBDC).
On Jan. 23, he signed a separate EO establishing a crypto working group and prohibiting a CBDC, but it’s unclear whether the order could also face legal challenges.
Bitcoin’s price dropped under $100,000 over the weekend amid news Trump planned to impose tariffs on imports from Canada, China and Mexico.
Following coverage of the sovereign wealth fund EO, the price had returned to around $100,000 at the time of publication.
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