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Crypto Potato 2025-02-04 06:44:02

Trump Approves US Sovereign Wealth Fund, Will it Buy Bitcoin?

On Feb. 3, President Trump announced plans to create a US sovereign wealth fund, a national investment vehicle designed to generate and distribute assets for American citizens. Trump signed the executive order at a White House event directing Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick, who are both pro-crypto, to “begin a process that will hopefully result in the creation of an American sovereign wealth fund.” “We’re going to create a lot of wealth for the fund,” Trump told reporters before adding, “And I think it’s about time that this country had a sovereign wealth fund.” The fund “will be a combination of liquid assets, assets that we have in this country as we work … to bring them out for the American people,” said Bessent, who added that it will be set up within the next 12 months, according to NBC. Bitcoin Backing? The fund could be potentially used to acquire strategic assets such as a potential takeover of the Chinese social media platform TikTok , alluded Lutnick. It could also leverage the US government’s massive purchasing power to gain equity in companies. “The extraordinary size and scale of the U.S. government and the business it does with companies … should create value for American citizens,” Lutnick said. Other countries with large sovereign wealth funds include Norway, China, Saudi Arabia, Australia, Iran, and Russia. In reaction to the news, Wyoming Senator Cynthia Lummis hinted that the fund could be used to buy Bitcoin. This is a ₿ig deal. https://t.co/ZShfQcEGwc — Senator Cynthia Lummis (@SenLummis) February 3, 2025 However, if the fund does include BTC, it is likely to come from the stash that the United States already holds rather than buying more. According to Blockchain.com, an FBI-owned address linked to Silk Road seizures still holds 69,370 BTC worth around $6.8 billion at current market prices. Total US holdings exceed 207,000 BTC worth more than $20 billion, according to BiTBO. The US will buy Bitcoin. Trump just announced the creation of a US Sovereign Wealth Fund. It will be headed by Secretary of Commerce @howardlutnick and Treasury Secretary @ScottBessent528 . Both like Bitcoin. I’d say there’s a 100% probability they buy Bitcoin. — Wayne Vaughan (@WayneVaughan) February 3, 2025 BTC Price Recovers Crypto markets have recovered since the Trump tariffs were suspended on Monday. BTC reclaimed $102,000 in an intraday high but has since retreated back to around $99,000 at the time of writing, as the bounce may have been short-lived. AI and real-world asset tokenization altcoins were also surging, but Ethereum remained lackluster, failing to top $3,000 despite an endorsement from Eric Trump . The post Trump Approves US Sovereign Wealth Fund, Will it Buy Bitcoin? appeared first on CryptoPotato .

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