Trump Signs Executive Order for Sovereign Wealth Fund Creation
U.S. President Donald Trump signed an executive order to establish a sovereign wealth fund, directed at the Treasury and Commerce Departments.
- Treasury Secretary Scott Bessent shows interest in cryptocurrency.
- Commerce Secretary nominee Howard Lutnick is a strong advocate for crypto, with ties to Tether.
- Lutnick has significant personal investments in bitcoin.
- Bessent anticipates the fund's creation within 12 months.
- The fund could facilitate government purchases of cryptocurrency.
- Bitcoin's price increased to $99,600 following the announcement.