Key Takeaways
- The White House is assessing the feasibility of a Bitcoin reserve.
- A working group has been formed, but key officials await confirmation.
- Discussions on a sovereign wealth fund are separate from this initiative.
Donald Trump’s Crypto Czar, David Sacks, announced today that the administration is actively assessing the idea of a Bitcoin reserve as one of its first initiatives.
The internal working group, which includes cabinet secretaries, is set to examine its feasibility once all members are confirmed.
The official stated:
So one of the things that the president instructed us to do was to evaluate the idea for a Bitcoin reserve. And so that is one of the things, that’s one of the first things we’re going to look at as part of the internal working group in the administration.
Working group status
The process remains in its early stages as key officials, including soon-to-be Secretary Ludnick, await confirmation.
The official clarified that while the Bitcoin reserve is under review, discussions on a sovereign wealth fund are separate and will involve Secretary Ludnick once appointed.
They added:
As soon as we get all that set up, we’re still waiting for some cabinet secretaries who are on the working group to get confirmed. So we’re still in the very early stages of this.
Next steps
Further details on the administration’s Bitcoin strategy are expected in the coming months.
