Outside Source
“Bitcoin” wasn’t mentioned once in Trump’s executive order to study a crypto stockpile, so some maximalists fear it could include other cryptocurrencies.
News
Bitcoin advocates have aired disappointment at the language of US President Donald Trump’s crypto executive order to study making a “digital asset stockpile” — which didn’t once mention the leading cryptocurrency.
“The executive order does not mention ‘Bitcoin’ once,” podcaster Peter McCormack said in a Jan. 23 X post. Other Bitcoin advocates meanwhile said that a stockpile should only include Bitcoin (BTC) and are concerned it could potentially include other cryptocurrencies.
“Bitcoin maxis REALLY struggling with the ‘digital assets’ language,” Ikigai Asset Management’s chief investment officer Travis Kling wrote on X.
Trump’s Jan. 23 order mandates a working group to study and propose a crypto stockpile “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
On the campaign trail at a Nashville Bitcoin conference in July, Trump had promised to make a “strategic national Bitcoin stockpile” using the over $20 billion worth of BTC seized by the Justice Department.
🚨 NOW: Donald Trump signs an executive order to help make “America the world the capital of crypto.” pic.twitter.com/UELJCDvGeb
— Cointelegraph (@Cointelegraph) January 23, 2025
Dennis Porter, CEO of the Bitcoin-focused Satoshi Action Fund, said it’s “pragmatic” for the working group to use the word “digital asset’” as the term is “tech neutral” and “reduces political friction.”
“Tech-neutral language such as ‘digital assets’ is a proven and effective way to get to the end goal of making the USA the largest holder of Bitcoin in the world,” he added.
However, Pierre Rochard, the vice president of research at Bitcoin mining firm Riot Platforms, said there is “no ambiguity” in the order’s language.
He also claimed Ripple Labs was the “biggest obstacle” to a Bitcoin-only reserve and accused the firm of “aggressively lobbying” against one so it can “push for CBDCs built on their platform.”
Ripple CEO Brad Garlinghouse hit back, saying he believes the company’s efforts “are actually INCREASING the likelihood of a crypto strategic reserve (which includes Bitcoin) happening.”
Arkham Intelligence data shows the US holds dozens of cryptocurrencies, including around $182 million worth of Ether (ETH) and millions of dollars worth of various altcoins.
Its largest holding is 198,100 BTC, which is worth $20.4 billion and comprises nearly 98% of its crypto holdings.
US Government’s cryptocurrency holdings. Source: Arkham Intelligence
Trump’s crypto and artificial intelligence czar, David Sacks, will head the study on a national crypto asset stockpile and has reportedly said there’s no decision yet on whether it will go ahead.
Related: The Trump era begins: SEC launches crypto task force led by ‘Crypto Mom’ Hester Peirce
FOX Business Reporter Eleanor Terrett reported Sacks said, “We’re going to evaluate that,” when asked about the crypto stockpile. “We have not decided to do it yet. We need to study that,” Sacks added.
A stockpile asset typically refers to a reserve that the government maintains for future use or emergencies and isn’t typically sold.
It contrasts with a strategic reserve asset — something many industry pundits hope Bitcoin will become — which is a financial asset held in the government’s treasury to strengthen the country’s financial health.
Bitcoin is currently priced at $104,290, and has traded relatively flat over the last 24 hours.
Magazine: How crypto laws are changing across the world in 2025
This article first appeared at Cointelegraph.com News
