Trump Administration Considers Establishing National Bitcoin Reserve

The feasibility of establishing a national reserve of Bitcoin is currently under evaluation by officials within the Trump administration, as White House crypto czar David Sacks indicated during a recent meeting with lawmakers to advance the new president's digital asset policies.

The Trump administration is considering the possibility of establishing a national reserve of Bitcoin, officials revealed in a recent meeting with lawmakers to advance the new president’s digital asset policies.

White House crypto czar David Sacks discussed the matter during the meeting, which was held in Washington on Tuesday.

“That is one of the first things we’re going to look at as part of the internal working group in the administration,” Sacks said, regarding the potential Bitcoin reserve.

“We’re still waiting for some cabinet members who are on the working group to get confirmed, so we’re still in the very early stages of this. But that is one of the first things we’re going to look at.”

Officials are also awaiting the confirmation of cabinet members who will participate in the working group.

When asked about the crypto industry’s involvement in the White House’s initiatives, Sacks mentioned that an announcement will be made in the future to authorise outreach with the industry.

“We’ll have an announcement at some point that will authorise outreach with the industry,” Sacks stated.

At the press conference, Sacks was joined by a group of Republican lawmakers who announced the formation of a bicameral working group in Congress to develop cryptocurrency regulations.

Sacks, a Silicon Valley venture capitalist, was appointed by Trump as the first-ever White House crypto and artificial intelligence czar, a role that positions him at the forefront of shaping policy in these rapidly evolving sectors.

Trump has vowed to boost the AI and crypto industries by slashing regulatory barriers and ramping up investment.

Early in his term, Trump signed an executive order that established a working group to advise on digital asset policies, involving key federal agencies like the Treasury Department, Justice Department, Securities and Exchange Commission, and the Commodity Futures Trading Commission.

The group is tasked with submitting a report within six months that will include a proposed regulatory framework and legislative proposals, such as the establishment of a digital asset stockpile.

Sacks met with several Republican lawmakers, including Senators Tim Scott, who chairs the Senate Banking Committee, and John Boozman, who leads the Senate Agriculture Committee, as well as Representatives French Hill, who chairs the House Financial Services Committee, and Glenn Thompson, who heads the House Agriculture Committee.

While Trump has taken steps to follow through on his commitments related to digital assets—such as appointing industry-friendly figures to his administration and pardoning Ross Ulbricht, the founder of the Silk Road website—he will need the support of the Republican-controlled Congress to realise some of his policy objectives.

This shift in focus marks a significant change for a president who was once skeptical about digital assets but embraced the sector in the lead-up to the 2024 election, as crypto executives and enthusiasts channeled their influence and financial power to prop up candidates who were favorable to the industry.