Bitcoiners ‘Fight’ Trump’s Vague ‘Digital Asset Stockpile’ Order
Bitcoin advocates have expressed frustration over language in US President Donald Trump's crypto executive order — to study “digital asset staking” — that didn't mention the cryptocurrency at the forefront once.
“The executive order does not mention ‘Bitcoin' once,” podcaster Peter McCormack said in a January 23 post. Other Bitcoin advocates have expressed concern that a stockpile should only include Bitcoin (BTC) and may include other cryptocurrencies.
“Bitcoin maxis are struggling with the language of ‘digital assets,'” said Travis Kling, chief investment officer of Ekigai Asset Management.
Trump's Jan. 23 order directs a task force to study and report on cryptocurrency “derived from cryptocurrencies legally seized by the federal government through its law enforcement efforts.”
On the campaign trail at the Nashville Bitcoin Conference in July, Trump pledged to use the more than $20 billion worth of BTC held by the Justice Department to create a “systematic national Bitcoin stockpile.”
🚨 NOW: Donald Trump signs executive order to help “make America the crypto capital of the world.” pic.twitter.com/UELJCDvGeb
— Cointelegraph (@Cointelegraph) January 23, 2025
Dennis Porter, CEO of Bitcoin-focused Satoshi Action Fund, said the task force's use of the term “digital asset” is “practical” because the term is “technically neutral” and “reduces political misunderstanding.”
“Tech-neutral language like ‘digital assets' is a proven and effective way to reach the ultimate goal of making the USA the largest holder of Bitcoin in the world,” he added.
However, Pierre Rochard, vice president of research at Bitcoin miner Riot Platform, said there was “no ambiguity” in the order's language.
He also said Ripple Labs was the “biggest obstacle” to a Bitcoin-only stock and accused the company of “powerfully lobbying” against one to “push for CBCCs built on the platform.”
Ripple CEO Brad Garlinghouse believes the company's efforts are “really increasing the chances of a crypto strategic reserve (including Bitcoin) happening.”
According to Arkham Intelligence data, the US holds dozens of cryptocurrencies, including Ether (ETH) worth about $182 million and various altcoins worth millions of dollars.
Its largest holding is 198,100 BTC, which is worth $20.4 billion and comprises 98 percent of all crypto holdings.
US government cryptocurrency holdings. Source: Arkham Intelligence
Trump's crypto and artificial intelligence czar David Sachs, who led the study on the National Crypto Asset Reserve, said there is no decision yet on whether it will continue.
Related: Trump era begins: SEC launches crypto task force headed by ‘Crypto Mom' Hester Peirce
Fox Business reporter Eleanor Terrett reported that Sachs said, “We will evaluate that,” when asked about the crypto holdings. “We haven't decided to do it yet. We have to study that,” Sachs added.
Accumulated assets typically refer to reserves that the government holds for future use or emergencies and that are not normally sold.
It contrasts with a strategic reserve asset — which many industry analysts hope will be bitcoin — which is a financial asset held in government treasuries to shore up the nation's financial health.
Bitcoin is currently priced at $104,290, and has traded relatively flat over the past 24 hours.
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