Former President Donald Trump, set to take office next week, plans to issue an executive order designating cryptocurrency as a national priority, according to Bloomberg reports. The move could reshape the relationship between the U.S. government and the digital asset industry.
The proposed executive order would establish a cryptocurrency advisory council to advocate for industry policy priorities and guide government agencies to work more closely with crypto businesses. The order could come as early as Trump's inauguration day on January 20.
Among the key initiatives under consideration is the creation of a national Bitcoin strategic reserve. The U.S. government already holds approximately 213,000 Bitcoin (worth about $21.5 billion) from various seizures. The proposed plan could expand these holdings substantially, similar to existing federal stockpiles of gold and oil.
The news has sparked a rally in cryptocurrency markets, with Bitcoin reaching $105,000 - its highest price since December 18. The total crypto market has added $400 billion in value since Monday, reaching $3.81 trillion.
Trump's stance on cryptocurrency has evolved considerably since his first term, aligning with younger figures in his circle who have embraced digital assets. Vice President-elect JD Vance reportedly owns between $250,000 and $500,000 in Bitcoin.
The executive order may also direct agencies to review existing digital asset policies and potentially pause ongoing crypto-related litigation, including cases against major players like Binance and Ripple Labs.
Kara Calvert, Coinbase's vice president for U.S. policy, commented: "What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry."
However, sources note that the executive order's final details are still being worked out and could change before implementation. Any large-scale Bitcoin acquisition program would likely require congressional approval due to the substantial spending involved.
The move comes as cryptocurrencies, particularly stablecoins, gain mainstream adoption. Major retailers including Overstock, Chipotle, and Whole Foods now accept crypto payments, with stablecoins in circulation exceeding $200 billion in total value.