President Donald Trump signed an executive order to establish a US Sovereign Wealth Fund, which may lead to Bitcoin purchases, as hinted by Senator Cynthia Lummis.
Creation of Sovereign Fund
During an Oval Office press event, President Donald Trump signed an executive order directing Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to initiate the process of establishing a US Sovereign Wealth Fund. The process is expected to be completed within 12 months.
Approach to Cryptocurrencies
While Trump and his ministers did not specify if the fund would invest in cryptocurrencies, they suggested the possibility of purchasing TikTok. Senator Cynthia Lummis hinted at potential Bitcoin acquisitions in a post on the X platform.
Reaction to Trump’s Actions
Many of the actions taken by Trump post his White House entry, including imposing tariffs on imports from Canada, Mexico, and China, have spurred backlash and slowed economic activity. Some executive orders, like the attempt to revoke birthright citizenship, have been blocked by federal judges.
Trump's initiative to create a Sovereign Wealth Fund could impact global financial markets, especially in the context of potential cryptocurrency investments.
