Key Takeaways
- Trump's order to study a crypto stockpile avoids naming Bitcoin.
- Bitcoin advocates worry the stockpile could include altcoins.
- The U.S. holds $20.4 billion worth of Bitcoin, or 98% of its crypto holdings.
Bitcoin supporters are voicing concerns over President Donald Trump’s Jan. 23 executive order to study the creation of a “digital asset stockpile,” which makes no direct mention of Bitcoin.
Community criticism
Podcaster Peter McCormack criticized the omission on social media, noting:
The executive order does not mention ‘Bitcoin’ once.
Others in the Bitcoin community, such as Travis Kling, CIO of Ikigai Asset Management, expressed frustration over the order’s vague language, saying:
Bitcoin maxis REALLY struggling with the ‘digital assets’ language.
Executive order details
The order tasks a working group with exploring a stockpile that is:
Potentially derived from cryptocurrencies lawfully seized by the Federal Government.
Despite Trump’s earlier campaign promise at a Nashville Bitcoin conference to establish a “strategic national Bitcoin stockpile” using $20 billion worth of seized BTC, the order leaves room for other cryptocurrencies to be included.
Industry perspectives
Bitcoin advocates such as Pierre Rochard, VP of research at Riot Platforms, argue the language should be clarified to focus solely on Bitcoin.
Meanwhile, Ripple CEO Brad Garlinghouse contends his company’s efforts “are actually increasing the likelihood” of such a reserve, albeit including multiple digital assets.
Current holdings
Arkham Intelligence data reveals that the U.S. government currently holds $20.4 billion in Bitcoin, comprising 98% of its crypto holdings, alongside smaller amounts of Ether and altcoins.
David Sacks, Trump’s crypto czar, will lead the study but has emphasized no decision has been made regarding the reserve’s implementation.
