- US AI and Crypto Czar David Sacks confirmed that administration officials are studying the proposed national Bitcoin reserve.
- However, he claimed that the pending confirmation of Trump’s cabinet nominees hinders their progress.
David Sacks, the new AI (artificial intelligence) and Crypto Czar in the US, revealed that officials within President Donald Trump’s administration are now studying the adoption of a national Bitcoin reserve. This came amid little to no mention of the new regime about the matter since the transition last January 20.
Even the president’s earlier executive order (EO) on digital assets didn’t specifically mention a Bitcoin reserve. However, it paved the way for the creation of a “digital asset stockpile.”
Bitcoin Reserve a Priority for Sacks
“That is one of the first things we’re going to look at as part of the internal working group in the administration,” said Sacks, referring to the planned strategic Bitcoin reserve. “We’re still waiting for some cabinet members who are on the working group to get confirmed, so we’re still in the very early stages of this. But that is one of the first things we’re going to look at.”
Sacks’ statement in a press conference on Tuesday somehow explains why there has been little to no mention of Trump’s campaign promise of a strategic Bitcoin Treasury reserve lately despite all the hype it continues to generate from the crypto community. As of Tuesday, Congress only confirmed eight of Trump’s nominees for cabinet-level positions, including Treasury Secretary Scott Bessent, based on The Guardian.
Bessent has been a known advocate for the proposed Bitcoin reserve. Before Trump took office, he met with Senator Cynthia Lummis to discuss the prospect of backing the US national treasury with BTC and promoting fiscal responsibility within the government.
Other advocates in the sector, such as former Cantor Fitzgerald CEO Howard Lutnick and former Democratic Party presidential candidate Robert F. Kennedy Jr., have yet to be confirmed by Congress alongside 15 other key personalities.
Bitcoin and BTC ETFs Market Performance
The latest developments led to a 5% price action for Bitcoin between a $96,208.11 low and a $100,807.36 high. As of 5:00 AM UTC on Wednesday, BTC price maintained its course across the $98K territory.
Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) experienced a significant recovery from the negative $234.4 million net inflows during Monday’s massive crypto liquidations to $91.7 million at Tuesday’s market close, according to Farside Investors’ monitoring tool. It’s worth noting that the record only reflected net inflows from three issuers, namely Bitwise, Ark Invest, and Grayscale, yesterday.
