White House Official Says Trump Administration Is Committed To Bitcoin, Hints At 'Accumulation Plan' For Strategic Reserve

Patrick Witt, deputy director of the White House Council on Digital Assets, said Wednesday that the administration is pursuing a “accumulation plan” to acquire Bitcoin (CRYPTO: BTC) for the strategic national reserve.

What Happened: During a fireside chat at the Bitcoin Policy Summit in Washington, D.C., Witt emphasized the Trump administration’s dedication to the leading cryptocurrency.

“We’ve already taken some steps with the SBR [Strategic Bitcoin Reserve]. How do we follow that up with an accumulation plan,” he stated. “There’s no shortage of opportunities and things to do.”

Witt also acknowledged the challenges in implementing these plans, but assured that the team is “working around the clock” to realize President Donald Trump’s vision.

“The president on down we’re all committed to Bitcoin. We want to see it thrive. We want this to be the crypto capital of the world,” he said.

See Also: GENIUS Stablecoin Bill Clears Senate But Trump's Crypto Profits Loom Over Momentum

Why It Matters: Witt’s remarks aligned with previous indications from the White House regarding its focus on Bitcoin. In March, Bo Hines, the executive director of the White House Council on Digital Assets, hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin.

Last month, Trump's crypto and AI advisor, David Sacks, said that the path to acquiring Bitcoin for the strategic reserve is ready and it's just a matter of getting the relevant executive departments "excited."

Trump signed an executive order to establish a strategic Bitcoin reserve earlier this year. The order allows for the purchase of additional BTC, provided there are no incremental costs to taxpayers.

However, little has come from the executive side since the order was signed. Moreover, some analysts have dubbed the idea of selling gold to accumulate Bitcoin a “very risky” prospect.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $107,813.32, up 1.08% in the last 24 hours, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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