At the beginning of his presidency, Donald Trump announced plans to create what he termed a “Strategic Bitcoin Reserve,” which was met with enthusiasm from the cryptocurrency community. The industry viewed this as a significant step towards recognizing bitcoin $BTC$67,917.55 as a legitimate asset. However, more than a year later, there is still no reserve in place.
The initial efforts by Trump’s administration included assessing the government’s cryptocurrency assets; however, establishing an official U.S. bitcoin reserve remains elusive due to one key element outlined in an order dated March 6, 2025: “the necessity for any legislation to implement any part of this order.” The Treasury Department under Trump lacks the authority needed to create these specialized accounts without Congressional action—a fact acknowledged by the White House and highlighted by Trump’s crypto advisor Patrick Witt who noted that this situation raises “novel legal questions.”
Senator Cynthia Lummis has proposed legislation regarding the reserve and insiders suggest that its best chance for approval might be if it is included in the National Defense Authorization Act at year’s end. For this scenario to unfold successfully, Trump’s administration would likely need to prioritize this issue once again.
Speculation surrounding both planning and funding for the reserve—and another initiative aimed at accumulating various cryptocurrencies—has fluctuated over time. Recently, CNBC’s Jim Cramer mentioned rumors that Trump’s team was readying themselves to start acquiring assets when $BTC reached $60,000; however, there are still no designated funds or locations established for such acquisitions.
The officials managing cryptocurrency initiatives under Trump have been reticent about disclosing how much bitcoin is currently held by federal authorities; some estimates suggest it could exceed 300,000 bitcoins valued at over $20 billion.
A major letdown from within the crypto sector regarding Trump’s directive on bitcoin was its failure to initiate new government purchases of this leading digital currency. Instead of direct buying strategies using taxpayer money, it promoted innovative policies intended for building reserves through alternative means.
Witt has not revealed specific strategies aimed at increasing bitcoin holdings within what is envisioned as a long-term investment fund rather than an emergency strategic reserve meant for immediate release during crises.
The White House did not provide comments concerning delays in progress but emphasized that executive orders—often utilized during Trump’s tenure—lack legal force and typically serve merely as presidential guidance rather than binding law.
If allies in Congress propose incorporating Lummis’ bill into defense spending legislation later this year—a process expected to conclude around December—it could occur during what’s known as Congress’s “lame duck” session when some members may have lost their seats or opted not to run again yet remain until their terms officially end like Lummis herself.
Lummis’ proposed bill aims for a program that would enable U.S. holdings of up to one million bitcoins—approximately five percent of total projected supply. As Wyoming’s Republican senator and chairperson of Senate Banking Committee’s inaugural digital assets subcommittee she has so far only succeeded in advancing her proposal into committee discussions while competing priorities focus on passing other crypto-related measures such as Digital Asset Market Clarity Act.
Read More: Why Doesn’t the U.S. Have a Bitcoin Reserve Yet?