U.S. government isn't poised to sweep in with bitcoin buys, despite Jim Cramer rumor
The rumored U.S. government plan to buy Bitcoin at $60,000 does not exist as the required reserve lacks legal establishment.Summary
Despite speculation fueled by CNBC's Jim Cramer that the U.S. government would buy Bitcoin if the price hit $60,000 to fill a strategic reserve, no such mechanism currently exists. President Donald Trump ordered the reserve established last year, directing the administration to hold seized crypto assets rather than purchasing new ones with taxpayer money. However, advocates still require Congress to legally establish the stockpile, a process that has stalled amid competing legislative priorities like stablecoin regulation and tax rules.
Treasury Secretary Scott Bessent confirmed he lacks the authority to order government purchases of crypto. While some ideas for federal purchases without taxpayer funds have been proposed by advisors and lawmakers like Senator Cynthia Lummis, no solutions have been adopted. For now, state governments appear more advanced in establishing their own digital asset reserves than the federal government.
(Source：CoinDesk)