Former White House Crypto Adviser: Trump Still Wants to Buy Bitcoin for the National Reserve, but Congress Has Imposed Limits
Former White House crypto adviser Patrick Witt said on the podcast What Bitcoin Did that U.S. President Donald Trump remains interested in adding Bitcoin to the nation’s strategic reserve. However, because Congress controls federal spending, buying coins directly on the open market raises legal concerns. Congress has also added provisions to the National Defense Authorization Act prohibiting direct purchases.
The interview was conducted by host Danny Knowles and recorded before the U.S. midterm elections on November 3. It was released on November 9. Notably, Patrick Witt officially left his position in October, so his comments on the program represented only his personal views and were not an official White House statement.
Congress Has Imposed Limits; Funding and Authorization Are Still Being Pursued
“I can tell you that the president is interested in this,” Patrick Witt said in the interview. The government had discussed possible implementation plans several times, but questions remained about whether directly buying Bitcoin on the open market would be legal.
He revealed that Congress had added provisions to the National Defense Authorization Act explicitly prohibiting the federal government from directly purchasing Bitcoin. “We’re working toward getting to the point where it’s permitted and authorized,” he acknowledged. Treasury Secretary Scott Bessent will decide which legal methods the Treasury Department can use to acquire more Bitcoin in the future, and the department must also first establish adequate custody infrastructure before buying any coins.
The Current Reserve Relies Solely on an Executive Order, Leaving Its Future Uncertain
The United States’ current strategic Bitcoin reserve stems entirely from an executive order signed by Trump on March 6, 2025. All of its Bitcoin comes from government law enforcement seizures. The order directs the Treasury and Commerce Departments to develop a “budget-neutral” strategy for acquiring more Bitcoin, meaning it must not increase the financial burden on taxpayers. So far, however, the U.S. government has not announced a specific implementation plan or made any purchases on the open market.
Patrick Witt noted that, given the divisions in Congress, making the strategic reserve permanent through standalone legislation would be “extremely difficult.” He cautioned that without formal legislative protections, a future president could revoke the reserve at any time through a new executive order. Reversing a predecessor’s orders is often one of the first things a new administration does.
Would you like an in-depth explanation of the policy background behind establishing a strategic Bitcoin reserve in the United States, or would you like to learn about current Treasury Secretary Scott Bessent’s latest policy stance on cryptocurrency? Just let me know.
Former White House crypto adviser Patrick Witt said on the podcast What Bitcoin Did that U.S. President Donald Trump remains interested in adding Bitcoin to the nation’s strategic reserve. However, because Congress controls federal spending, buying coins directly on the open market raises legal concerns. Congress has also added provisions to the National Defense Authorization Act prohibiting direct purchases.
The interview was conducted by host Danny Knowles and recorded before the U.S. midterm elections on November 3. It was released on November 9. Notably, Patrick Witt officially left his position in October, so his comments on the program represented only his personal views and were not an official White House statement.
Congress Has Imposed Limits; Funding and Authorization Are Still Being Pursued
“I can tell you that the president is interested in this,” Patrick Witt said in the interview. The government had discussed possible implementation plans several times, but questions remained about whether directly buying Bitcoin on the open market would be legal.
He revealed that Congress had added provisions to the National Defense Authorization Act explicitly prohibiting the federal government from directly purchasing Bitcoin. “We’re working toward getting to the point where it’s permitted and authorized,” he acknowledged. Treasury Secretary Scott Bessent will decide which legal methods the Treasury Department can use to acquire more Bitcoin in the future, and the department must also first establish adequate custody infrastructure before buying any coins.
The Current Reserve Relies Solely on an Executive Order, Leaving Its Future Uncertain
The United States’ current strategic Bitcoin reserve stems entirely from an executive order signed by Trump on March 6, 2025. All of its Bitcoin comes from government law enforcement seizures. The order directs the Treasury and Commerce Departments to develop a “budget-neutral” strategy for acquiring more Bitcoin, meaning it must not increase the financial burden on taxpayers. So far, however, the U.S. government has not announced a specific implementation plan or made any purchases on the open market.
Patrick Witt noted that, given the divisions in Congress, making the strategic reserve permanent through standalone legislation would be “extremely difficult.” He cautioned that without formal legislative protections, a future president could revoke the reserve at any time through a new executive order. Reversing a predecessor’s orders is often one of the first things a new administration does.
Would you like an in-depth explanation of the policy background behind establishing a strategic Bitcoin reserve in the United States, or would you like to learn about current Treasury Secretary Scott Bessent’s latest policy stance on cryptocurrency? Just let me know.