President Donald Trump is reportedly considering signing an executive order for the establishment of a Bitcoin reserve at an upcoming White House Crypto Summit. The move, expected to happen on the 7th of March, would allow for large-scale Bitcoin purchases, augmenting the BTC already acquired by the US through criminal seizures. Sources reported to Bloomberg that several other crypto-related executive actions are also under consideration.
Among the potential proposals on the table is the halting of the sale of seized cryptocurrency. Instead, this crypto would be used to seed a national crypto stockpile. Cryptocurrency tax treatment changes could also be put forth, though these would require congressional review and approval. Notwithstanding these discussions, sources warn that these speculations may not materialize or could undergo changes.
In terms of legislative background, President Trump initiated an executive order earlier this year that led to the conception of a working group, tasked by White House AI and crypto specialist David Sacks, to discuss the potential creation of a national digital assets stockpile.
President Trump has previously expressed on his social media platform, Truth Social, that the envisaged crypto reserve would include various cryptocurrencies: XRP, Solana, Cardano, Ether, and Bitcoin, with the latter two being the “heart” of the reserve.
Fox Business correspondent Charles Gasparino, in a recent social media post, forecasted that the White House would soon be unveiling additional specifics regarding the crypto reserve. He speculated that this would primarily revolve around the discussion of feasible funding mechanisms for purchasing digital coins.
Gasparino suggested the potential use of a sovereign wealth fund – a concept that Donald Trump showed interest in last month. Additionally, the correspondent quoted Bloomberg, mentioning that the initial funds for this project could be from crypto seized in criminal cases.
It’s noteworthy that the US government presently holds approximately $18.28 billion worth of seized crypto, mainly Bitcoin. According to Arkham Intelligence, nearly 198,109 BTC, valued at a staggering $17.87 billion, account for most of the government’s crypto holdings.