US senator hints Trump’s latest EO could mean the US buying Bitcoin

US President Donald Trump has signed an executive order directing the government to create a sovereign wealth fund, with industry advocates and at least one lawmaker suggesting the action could lead to the government acquiring Bitcoin.

Trump signed the executive order (EO) in a Feb. 3 press event in the Oval Office, directing Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick to “begin a process that will hopefully result in the creation of an American sovereign wealth fund.” According to Bessent, the EO would be enacted “within the next 12 months” and “monetize the asset side of the US balance sheet.” 

Trump, Bessent and Lutnick did not specifically say whether the fund, if established, would invest in cryptocurrencies like Bitcoin (BTC), but they suggested the government could purchase TikTok. The video-sharing app is still subject to a law requiring its parent company, ByteDance, to divest its US business or face a potential ban. 

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Wyoming Senator Cynthia Lummis posted to X after the EO signing to hint that the sovereign wealth fund could be used to buy BTC. Bitcoin advocate Wayne Vaughan, who has also called on the US government to create a strategic Bitcoin reserve, said Bessent and Lutnick “both like Bitcoin” and could set up the wealth fund to invest in crypto.

Not everyone is on board with Trump EOs

Since taking office on Jan. 20, Trump has signed several executive orders that faced immediate lawsuits from organizations and authorities questioning the president’s power to enact laws through executive actions. For example, a federal judge blocked an EO attempting to revoke birthright citizenship under the 14th Amendment to the US Constitution, calling the action “blatantly unconstitutional.”