Wyoming Senator Cynthia Lummis has suggested that Donald Trump’s executive order establishing a U.S. sovereign wealth fund could be a significant development for Bitcoin.
On February 3, U.S. President Donald Trump signed an executive order directing the government to initiate the creation of a sovereign wealth fund. Industry supporters, including at least one lawmaker, have proposed that this move could potentially lead to the government acquiring Bitcoin.
During a press event in the Oval Office, Trump issued the executive order, instructing Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to “start a process that will ideally result in the creation of an American sovereign wealth fund.” Bessent stated that the order will be enforced during the next 12 months with the goal of “monetizing the asset.” side of the U.S. balance sheet.”
Source: Bloomberg Television
While Trump, Bessent, and Lutnick did not explicitly mention whether the sovereign wealth fund would invest in cryptocurrencies such as Bitcoin, they did allude to the possibility of the government acquiring TikTok. The video-sharing platform remains under scrutiny due to a law requiring its parent company, ByteDance, to divest its U.S. business or face a potential ban.
Following the signing of the executive order, Senator Lummis posted to X (formerly Twitter) to hint that the sovereign wealth fund could be used to acquire Bitcoin. Bitcoin advocate Wayne Vaughan, who has previously urged the U.S. government to create a strategic Bitcoin reserve, said that both Bessent and Lutnick are proponents of Bitcoin and could potentially direct the fund to invest in cryptocurrencies.
