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Shortly after taking office, US President Donald Trump signed an executive order outlining the creation of a National Strategic Bitcoin Reserve by March 2025.
While no official steps have been taken regarding a strategic Bitcoin ($BTC) reserve since then, a new announcement on the subject has finally arrived.
According to Coindesk, Patrick Witt, head of the White House Cryptocurrency Advisory Committee, stated that the US will announce its strategic reserve plan for Bitcoin in the coming weeks.
According to Patrick Witt, an announcement regarding the US strategic reserve plan for Bitcoin will be made within a few weeks.
Speaking at the Consensus conference in Miami, Patrick Witt stated that the US government has been working for months to strengthen the governance and enhance the security of Bitcoin and other cryptocurrency assets.
Witt noted that previously seized Bitcoin and cryptocurrencies are not automatically included in reserve assets and that the $BTC strategic reserve system should be institutionalized through parliamentary legislation in the future.
Witt also added that following President Trump’s executive order, the White House halted cryptocurrency sales that had taken place during the previous administration and initiated a comprehensive review of all cryptocurrencies held by government agencies.
Finally, Patrick Witt drew attention to problems in asset custody systems, stating that cold wallets are managed in an unsystematic manner in some institutions. He cited the alleged cyberattacks targeting assets belonging to the US Police Department as an example, emphasizing the need for centralized management of cryptocurrencies.
Witt did not specify the amount of Bitcoin the government currently holds in his statements. “The priority is to establish an asset custody and management system,” Witt said, adding that details regarding specific amounts or structures would be addressed in a future announcement.
*This is not investment advice.