US President Donald Trump’s administration is preparing to announce its strategic Bitcoin reserve plan within the coming weeks, according to Patrick Witt, head of the White House Cryptocurrency Advisory Committee. Witt made the statement at the Consensus conference in Miami, noting that the US government has been working for months on strengthening governance and enhancing security of Bitcoin and other cryptocurrency assets.
Executive Order and Strategic Reserve Framework
Shortly after taking office, Trump signed an executive order outlining the creation of a National Strategic Bitcoin Reserve by March 2025. According to Witt, previously seized Bitcoin and cryptocurrencies are not automatically included in reserve assets, and the BTC strategic reserve system should be institutionalized through parliamentary legislation in the future.
Government Cryptocurrency Review
Following Trump’s executive order, the White House halted cryptocurrency sales that had taken place during the previous administration and initiated a comprehensive review of all cryptocurrencies held by government agencies. Witt stated that the priority is to establish an asset custody and management system before disclosing specific amounts or structures.
Custody and Security Concerns
Witt drew attention to problems in current asset custody systems, noting that cold wallets are managed in an unsystematic manner in some institutions. He cited alleged cyberattacks targeting assets belonging to the US Police Department as an example, emphasizing the need for centralized management of cryptocurrencies held by the government.
Future Announcement Details
Witt did not specify the amount of Bitcoin the government currently holds. He indicated that details regarding specific amounts or structures would be addressed in a future announcement once the custody and management framework is finalized.
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