Senator hints US buying Bitcoin. Cynthia Lummis, Senator from Wyoming, indicated that an executive order by Donald Trump that established a US sovereign wealth fund is a big deal for Bitcoin.
US President Donald Trump has signed an executive order
US President Donald Trump has signed an executive order that would task the government with setting up a sovereign wealth fund, and some industry advocates are saying that such a move could potentially result in the government owning Bitcoin.
The executive order (EO) signing took place at a Feb. 3 event in the Oval Office, where Trump tasked Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick “to begin a process that we hope will lead to the creation of an American sovereign wealth fund.” The EO would be implemented “within the next 12 months,” said Bessent, “and monetize the asset side of the US balance sheet.” Trump, Bessent, and Lutnick did not specifically address whether the fund, if created, would invest in cryptocurrencies such as Bitcoin, BTC, and $100,000.
Senator hints US buying Bitcoin.After the signing of the EO
After the signing of the EO, Wyoming Senator Cynthia Lummis took to X to suggest that the sovereign wealth fund could buy BTC. Wayne Vaughan, a Bitcoin proponent who has also encouraged the US government to establish a strategic Bitcoin reserve, said that Bessent and Lutnick “both like Bitcoin” and could establish a wealth fund to steer investment into crypto.
Not everyone is on board with Trump EOs.
Since assuming office on Jan. 20, Trump has issued several executive orders that have been immediately challenged in court by groups and officials questioning the president’s ability to make law using executive action. For instance, there’s a federal judge’s blocking of an EO seeking to rescind birthright citizenship under the 14th Amendment to the US Constitution, describing the action as “blatantly unconstitutional.”
Trump’s campaign promises to the crypto industry included pardoning Silk Road founder Ross Ulbricht, creating a Bitcoin stockpile, having all BTC mined in the United States, and discontinuing the development of a potential US central bank digital currency (CBDC). Last Jan. 23, he signed another EO that formed a crypto working group and banned a CBDC, but the order’s language is ambiguous enough it might face courtroom challenges, too.
News Trump was planning to impose tariffs on imports from Canada, China and Mexico, sending Bitcoin’s price below $100,000 over the weekend. After coverage of the sovereign wealth fund EO, the price had settled back to more than $101,000 at press time
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