President Donald Trump’s newly appointed “crypto czar”, David Sacks, shared the administration’s pro-crypto agenda with multiple bullish statements. While addressing the congressional committee leaders, Sacks stated that evaluating Bitcoin as part of a proposed sovereign wealth fund is a top priority.
“We’re still waiting for some cabinet secretaries on the working group to be confirmed,” Sacks said during a press conference. “But once that’s in place, one of our first steps will be assessing the feasibility of a Bitcoin reserve.”
NOW: 🇺🇸 Trump’s Crypto Tsar David Sacks says “It’s possible that the sovereign wealth fund could decide that they want to make Bitcoin or digital assets part of its portfolio” – CNBC pic.twitter.com/27SfalV94V
— Bitcoin Archive (@BTC_Archive) February 4, 2025
Will Bitcoin Get a Place In SWF?
The statement is also important as on Monday, U.S. President Donald Trump signed an executive order to create a sovereign wealth fund. A Sovereign Wealth Fund (SWF) is a state-owned investment fund made up of money generated by a country’s government or derived from surplus revenues including stocks, bonds, property, or other assets. This federal investment vehicle strives to enhance government revenue through strategic asset investments. If Bitcoin get a place in this SWF, it could benefit an entire crypto market.
He also stated earlier, “One of the things the president instructed us to do was to evaluate the idea of a Bitcoin reserve. So, that is one of the things our internal administration group will look into. That’s the first thing we will assess for the feasibility of a Bitcoin reserve.”
In the last few days, the crypto world has received multiple good news from U.S. officials, from the formation of the Crypto Task Force to the appointment of pro-crypto candidates at the top positions of Federal agencies. This has boosted confidence in the crypto market, however, BTC is currently on a retest journey, slipped below the $100,000 mark.
Also Read: Crypto Czar Sacks: Testing Feasibility of Bitcoin Reserve
Source: https://www.cryptonewsz.com/bitcoin-could-get-in-us-sovereign-wealth-fund/