US Treasury Department announcements or financial disclosure reports

Trump Eyes Day One Executive Order for Strategic Bitcoin Reserve, Aiming to Lead in Crypto

Dec 15, 2024, 03:11 PM

President-elect Donald Trump has signaled his intent to establish a 'Strategic Bitcoin Reserve' for the United States, aiming to position the country as a leader in the digital asset space. In a recent interview with CNBC, Trump emphasized the need for America to stay ahead of global competitors like China in cryptocurrency adoption. This move could potentially reshape fiscal policy, with Senator Cynthia Lummis backing the initiative and expressing support for Scott Bessent, who is expected to be the future Treasury Secretary and a proponent of digital assets. States like Texas and Pennsylvania are already exploring Bitcoin reserves, indicating a growing trend. Trump's comments suggest that an executive order might be issued on his first day in office to initiate this reserve, which could stabilize the market, increase the value of the US dollar, and provide an economic safety net. Jack Mallers has hinted that Trump could use an executive order to acquire Bitcoin for national reserves. The Treasury, through the Exchange Stabilization Fund, has the authority to stabilize the dollar by buying currencies, and Trump will use this fund to buy Bitcoin. Charles Schwab predicts Bitcoin could reach $500,000 to $1 million if Trump creates this reserve.