“Great Strategic Importance” – Bitcoin Rallies As Trump Signs ‘Sovereign Wealth Fund” Executive Order
With Secretary of State Marco Rubio setting in El Salvador (perhaps the most bitcoin-friendly nation in the world currently), and President Trump’s crypto ‘tzar’ David Sacks’ recent comments on the importance of outpacing China on the tech (crypto and AI) front, one could be forgiven for anticipating something large coming very soon with regard the possibility of a Strategic Bitcoin Reserve.
And sure enough, this morning, President Trump signed an executive action he said would direct officials to create a sovereign wealth fund for the US, following through on an idea he floated during the presidential campaign.
“We have tremendous potential,” Trump told reporters in the Oval Office on Monday as he announced the move.
The president said the action would charge Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for Commerce secretary, with spearheading the effort.
Bessent, who joined Trump at the Oval Office, said the fund would be created in the next 12 months, calling it an issue “of great strategic importance.”
Lutnick suggested the fund could be used to facilitate the sale of TikTok, which is currently operating in the US thanks to an extension signed by Trump prolonging the deadline for a forced sale or shutdown.
While few details are known, we do note that bitcoin rallied into this news…
The text of the document Trump signed was not immediately available, and it’s unclear how the wealth fund – which Trump pledged on the campaign trail would be “the greatest sovereign wealth fund of them all” – would be funded.
Trump floated the idea during an address at the Economic Club of New York during the campaign in September, where he proposed funneling money from tariffs into a wealth fund that could invest in manufacturing hubs, defense and medical research.
“We will create America’s own sovereign wealth fund to invest in great national endeavors for the benefit of all the American people,” Trump said at the time and suggested that the Wall Street and corporate leaders at that event could have a role to play, helping to “advise and recommend investments.”
Will Trump buy Greenland with this fund?
Tyler Durden Mon, 02/03/2025 – 13:05
Source: https://freedombunker.com/2025/02/03/great-strategic-importance-bitcoin-rallies-as-trump-signs-sovereign-wealth-fund-executive-order/
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