US Senator Suggests Trump’s New Order Could Lead to America Buying Bitcoin!

New Wealth Fund

US President Donald Trump has signed an executive order to create a sovereign wealth fund, wich could perhaps lead to government investments in Bitcoin. This move has garnered attention from industry advocates and lawmakers, including Wyoming Senator Cynthia Lummis, who views it as a significant advancement for cryptocurrency.

Sovereign Wealth Fund Insights

• Executive Order Details: Signed on February 3, the order directs Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to initiate the creation of this fund within the next year.
• Potential Investments: While specific investments in cryptocurrencies like Bitcoin were not confirmed, discussions included acquiring TikTok amid regulatory pressures on its parent company.

Reactions and Implications

Senator Lummis hinted at using the sovereign wealth fund for Bitcoin purchases. Advocates like Wayne Vaughan support this idea, suggesting that both Bessent and Lutnick are favorable towards crypto investments. However, Trump’s executive orders have faced legal challenges since his inauguration.

Market Response

Bitcoin’s price fluctuated significantly around these announcements. After dropping below $100,000 due to tariff news from Trump’s administration, it rebounded above $101,000 following discussions about the new wealth fund.

Final Thoughts

The establishment of a US sovereign wealth fund could reshape how government interacts with cryptocurrencies like Bitcoin. As developments unfold, stakeholders will be watching closely for potential impacts on market dynamics.

Reference

• Cointelegraph – US senator hints Trump’s latest EO could mean the US buying Bitcoin
• Bloomberg television – Executive Order Signing Event