David Sacks, the newly appointed "crypto czar" under President Donald Trump, indicated the administration's interest in integrating bitcoin into the United States' financial strategy.

Speaking at a press conference in Washington, Sacks discussed the administration's pro-crypto stance and the consideration of a bitcoin reserve for the proposed U.S. sovereign wealth fund.

Sacks, responding to inquiries about the role of cryptocurrencies in the new wealth fund, emphasized that evaluating the inclusion of bitcoin is a key task for the administration's working group. He noted that the group is awaiting the confirmation of certain cabinet secretaries before proceeding with their assessment.

The crypto czar clarified that while the sovereign wealth fund and the bitcoin reserve are distinct concepts, the administration is actively exploring how digital currencies like bitcoin could play a part in public finance. Howard Lutnick, Trump's nominee for Commerce Secretary, is set to take the lead on the sovereign wealth fund initiative.

This announcement comes on the heels of President Trump signing an executive order on Monday to establish the sovereign wealth fund. The fund is intended to serve as a federal investment vehicle to boost government revenue through strategic asset investments, with analysts suggesting that bitcoin could be a potential asset under consideration.

President Trump has also expressed interest in using the fund to acquire strategic holdings, including a potential bid for the social media platform TikTok, which is currently under regulatory review due to its Chinese ownership.

CoinShares Head of Research James Butterfill expressed support for the idea of including bitcoin in the fund. He highlighted the pro-crypto leanings of key figures behind the fund, such as Treasury Secretary Scott Bessent, and suggested that bitcoin's inclusion is a sensible move from a fund manager's perspective.

Butterfill compared the U.S. situation to Norway's use of oil revenues, suggesting that the U.S. could similarly benefit from investing in assets like bitcoin to address its debt challenges and create new revenue streams.

The CoinShares executive posited that the sovereign wealth fund could potentially serve dual purposes, functioning as both an investment vehicle and a strategic reserve for bitcoin.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.