FameEX Hot Topics | US Senator Hints Trump’s New Executive Order May Pave the Way for US to Buy Bitcoin

Wyoming Senator Cynthia Lummis recently suggested that President Donald Trump’s executive order (EO) to establish a U.S. sovereign wealth fund could have significant implications for Bitcoin. As a vocal Bitcoin supporter, Lummis hinted that the creation of this fund could potentially lead to the U.S. government acquiring Bitcoin, shifting the nation’s stance on digital assets.

On February 3, President Trump signed the EO in a press briefing at the Oval Office, directing Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to initiate the process of establishing a sovereign wealth fund for the U.S. This effort is expected to be implemented within the next year, with the goal of "monetizing the asset side of the U.S. balance sheet," as noted by Bessent. Although the EO did not specifically mention Bitcoin or other cryptocurrencies, Trump and his team hinted that the fund could involve purchasing assets like TikTok, which could be impacted by a law requiring its parent company, ByteDance, to sell off its U.S. operations.

Even though Bitcoin wasn’t directly mentioned in the EO, Senator Lummis took to social media, suggesting that the sovereign wealth fund could be used to purchase Bitcoin. This idea gained support from Bitcoin advocate Wayne Vaughan, who has long pushed for the U.S. government to create a strategic Bitcoin reserve. Vaughan emphasized that both Bessent and Lutnick are known Bitcoin supporters, which fueled speculation that the sovereign wealth fund could be used to invest in cryptocurrency.

Since assuming office in January, Trump has faced legal challenges to several executive orders. For instance, a federal judge blocked an EO attempting to end birthright citizenship under the 14th Amendment, ruling it unconstitutional. These legal obstacles raise questions about whether the sovereign wealth fund and other executive actions may encounter similar challenges in the future.

During his campaign, Trump made several commitments to the crypto industry, including the creation of a national Bitcoin stockpile and halting the development of a U.S. central bank digital currency (CBDC). On January 23, he signed an EO to form a crypto working group and prohibit a CBDC. However, the legal status of these orders remains uncertain, especially as Bitcoin’s price recently dipped below $100,000 amid concerns about potential tariffs.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.