Trump Still Interested in Bitcoin Reserve Purchases, Witt Says

Witt made the comments in an interview with What Bitcoin Did published November 9. He said officials had discussed ways to acquire Bitcoin without increasing federal spending, but questioned whether current law clearly permits open-market purchases. Acting without clearer authority, he warned, could prompt Congress to bar federal purchases, potentially through the National Defense Authorization Act.

Trump established the reserve by executive order in March 2025. It was initially funded with Bitcoin recovered through completed federal forfeiture proceedings, while the Treasury and Commerce departments were directed to develop acquisition strategies that would not add costs for taxpayers. No direct-purchase program has been announced. Witt said Treasury Secretary Scott Bessent would decide how the department proceeds with any legally permitted strategy.

Options discussed include revaluing federal gold holdings, using the Treasury’s Exchange Stabilization Fund, converting government-held digital assets into Bitcoin, or accepting Bitcoin for some tax and fee payments. A change to the accounting value of gold certificates, which are recorded at a statutory price below market value, would not by itself authorize Treasury to fund purchases. Trump confirmed in August that additional purchases had been discussed, without giving a decision or timetable.

Witt also described inconsistent government records and varied storage practices for seized cryptocurrency, including cold wallets kept in desk drawers and reliance on outside custodians. Concerns intensified after allegations of a possible theft of more than $60 million in cryptocurrency involving government-linked wallets. The US Marshals Service selected Coinbase Prime in 2024 for custody and trading services related to certain forfeited assets; hundreds of Bitcoin were transferred to Coinbase Prime in October.

Witt said legislation making the reserve permanent would face political resistance. Senator Cynthia Lummis has backed a plan to accumulate up to one million BTC over five years. A separate bill from Representative Nick Begich would require Treasury to study budget-neutral acquisitions, with eligible Bitcoin held for at least 20 years, subject to exceptions. The reserve currently rests on Trump’s executive order, which a future president could amend or revoke.