On Monday, US President Donald Trump issued an executive order instructing the Treasury and Commerce Departments to establish a sovereign wealth fund. Although the details of the fund are still emerging, Treasury Secretary Scott Bessent has shown interest in cryptocurrency, while Commerce Secretary nominee Howard Lutnick has been a vocal supporter of the sector, with his company Cantor Fitzgerald serving as the custodian for Tether's substantial government bond holdings.
Lutnick has also spoken about his personal investment in bitcoin. Following the executive order, Bessent announced that the sovereign wealth fund is expected to be created within the next 12 months. While bitcoin was not explicitly mentioned during the signing, the new fund could potentially be used as a channel for government investment in the cryptocurrency. In response to the news, the price of bitcoin saw a moderate increase to $99,600.