CandleFocus Trump Orders Creation of Sovereign Wealth Fund
2025-02-03
Author: Content Editor
U.S. President Donald Trump has signed an executive order instructing the Treasury and Commerce Departments to create a sovereign wealth fund. Treasury Secretary Scott Bessent has shown some interest in cryptocurrencies, while Commerce Secretary nominee Howard Lutnick has been a vocal supporter of the sector. Lutnick's company, Cantor Fitzgerald, is the custodian for Tether's significant holdings of government paper, and Lutnick himself has discussed his exposure to Bitcoin. Although Bitcoin was not mentioned during the signing, there is the possibility that a sovereign wealth fund could be used to invest in and hold cryptocurrencies. Following the news, Bitcoin saw a modest increase to $99,600.
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