Trump’s Executive Order Establishes Sovereign Wealth Fund, Boosts Bitcoin Price
President Trump signed an executive order to create a sovereign wealth fund, while the Treasury and Commerce Departments will oversee the endeavor. Although Bitcoin was not mentioned, the fund could potentially hold Bitcoin assets, parallel to rising Bitcoin prices, which reached $99,600 post-announcement.
U.S. President Donald Trump has officially signed an executive order to establish a sovereign wealth fund, directing the Treasury and Commerce Departments to lead the initiative. While the order did not explicitly mention Bitcoin, there exists potential for the fund to serve as a means for the government to acquire and store Bitcoin assets. Amidst this development, Bitcoin’s price saw a modest increase, reaching $99,600 shortly after the announcement.
The establishment of a sovereign wealth fund has emerged as a significant move by the U.S. government, particularly in the context of cryptocurrency interest. Although Bitcoin was not directly referred to during the signing, both Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick have shown interest in digital currencies. Lutnick’s connections to stablecoins and personal investment in Bitcoin further highlight the fund’s possible implications for the cryptocurrency market.
In conclusion, President Trump’s executive order for the creation of a sovereign wealth fund could transform the government’s stance on cryptocurrency and Bitcoin in particular. As officials express interest in digital currencies, this initiative may present new opportunities for the government to invest in Bitcoin, potentially influencing its market value. The recent price increase of Bitcoin reflects the growing market anticipation surrounding this development.
Original Source: www.coindesk.com
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