U.S. President Donald Trump has signed an executive order directing the Treasury and Commerce Departments to establish a sovereign wealth fund.
On February 3, during a press conference at the White House, Trump instructed Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to initiate the process. Secretary Bessent stated that the fund is expected to be officially established within the next 12 months.
While it remains unclear which assets the fund will invest in, some of Trump’s allies have suggested that the government could acquire TikTok. ByteDance faces the risk of a U.S. ban if it does not sell its U.S. operations, making this possibility more likely.
Wyoming Senator Cynthia Lummis hinted in a post that the fund could be used for Bitcoin purchases. Trump’s close associates, Bessent and Lutnick, are known Bitcoin supporters, leading experts to speculate that the fund could potentially invest in digital assets. Lutnick has previously disclosed his significant Bitcoin holdings.
Trump continues to make headlines with his promises regarding the crypto sector. He has previously pledged to pardon Silk Road founder Ross Ulbricht, establish a U.S. Bitcoin reserve, and block the introduction of a central bank digital currency (CBDC). On January 23, he signed an executive order banning CBDCs, though legal challenges may arise. Some of Trump's past executive orders have been overturned by the courts for being unconstitutional.
