Patrick Witt, who led the White House crypto council until October, said President Donald Trump remains interested in US government purchases of Bitcoin (BTC) that do not increase government spending. Japanese outlet CoinPost reported the remarks, which Witt made on the What Bitcoin Did podcast, published on 10 November 2026.
The statements come from a single source, a former official speaking on a podcast. It has not been established whether Trump or the White House has officially confirmed this position.
Why direct purchases are problematic
According to Witt, buying Bitcoin directly on the open market raises doubts about its legality and its effect on the market. He said that moving ahead without clear authority could lead Congress to add language banning government Bitcoin purchases to the National Defense Authorization Act, a backlash he said the administration wanted to avoid.
Budget-neutral options under discussion
The administration is therefore reportedly considering several methods that would not add to spending. Witt cited using the Exchange Stabilization Fund, converting non-Bitcoin digital assets held by the government into Bitcoin, accepting Bitcoin for taxes and fees, and revaluing the government’s gold for accounting purposes.
It is not known which of these approaches, if any, will be adopted or when. It is also unclear whether any purchase has been planned or funded, and the exact legal basis for the proposed methods has not been set out.
Background: the reserve and Congress
CoinPost recalled that in July 2024, as a presidential candidate, Trump promised not to sell government-held Bitcoin. On 6 March 2025 he signed an executive order creating the Strategic Bitcoin Reserve. According to the outlet, it is funded with Bitcoin whose federal forfeiture procedures are complete, and it instructed the Treasury and Commerce departments to develop acquisition strategies that add no cost to taxpayers. CoinPost noted that no plan to buy directly on the market has been announced.
On the legislative side, Senator Cynthia Lummis supports a bill that would allow the government to acquire up to 1 million BTC over five years. CoinPost reported that after Democrats won both chambers in the November midterms, passage looks unlikely.
Witt himself said legislation is needed because a reserve created by executive order can be reversed by later administrations, but he added that a standalone bill would be hard to pass.
Sources
- coinpost.jp CoinPost — トランプ大統領、戦略的ビットコイン準備金の購入に引き続き意欲 元顧問が明かす Accessed
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