Senior officials in the U.S. Trump administration stated at a media briefing on Friday that they consider bitcoin worthy of special treatment as part of the White House's efforts to establish digital asset reserves. A strategic bitcoin reserve, likened to a "digital Fort Knox," was authorized by Trump through an executive order. This reserve, named after the U.S. Bullion Depository, would house a portion of the nation's gold reserves.
Additionally, the order established a separate digital assets stockpile to be regulated under different guidelines. This decision aims to address concerns raised by industry participants before a White House crypto summit discussing the potential creation of a unified multi-coin strategic reserve.
Describing bitcoin as unique, a senior administration official highlighted its original status, high security, immutability, scarcity due to a protocol limit of 21 million coins, and decentralized nature. The order permits Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to devise budget-neutral strategies to bolster this reserve.
Similar to how past administrations have treated gold as a long-term strategic asset immune to short-term price changes, officials emphasized a similar approach for bitcoin. Different rules apply to the digital asset stockpile, intended for cryptocurrencies beyond bitcoin acquired through forfeitures. The Treasury is restricted from acquiring further assets for this stockpile.
According to an official, responsible stewardship guides decisions on portfolio adjustments, ensuring the Treasury Secretary maintains a budget-neutral stance. A roundtable discussion at the White House on Friday, involving senior crypto industry leaders, Trump, and other administration members, marks a pivotal engagement on this subject for four hours starting at 1:30 PM ET.