In stark contrast, the U.S. Digital Asset Stockpile will house other seized cryptocurrencies, but with a markedly different approach. The government “shall not acquire additional Stockpile Assets” beyond those obtained through forfeiture or penalties – which are a tiny fraction of its digital asset holdings already.

Unlike the SBR, the government also shows openness to “potential sales” of such assets, at the Treasury Secretary’s discretion as part of his “strategies for responsible stewardship” of the stockpile. This delineation casts other digital assets as more speculative instruments, lacking the unique status afforded to bitcoin.

Trump’s crypto czar David Sacks said in an interview with the All-In podcast that the government views bitcoin as “special” compared to the rest, and the SBR as a “digital fort knox.”

“Bitcoin is the original cryptocurrency – it’s the only one that doesn’t have an issuer; it’s very decentralized. It has a $2 trillion market cap and it’s the most secure – it’s never been hacked. We’re now over 15 years into this journey, and there’s been a lot of people who’ve been skeptical along the way, and there’s been a lot of ups and downs, but here it is.”

Accumulation

The administration also isn’t stopping at merely holding bitcoin, but is gearing up to acquire more. The order directs the Secretaries of Treasury and Commerce to “develop strategies for acquiring additional Government BTC,” provided these strategies are “budget-neutral” and impose no additional costs on taxpayers.

Skeptics (including many of Bitcoin’s loudest proponents, no less) claim this is a vacuous line meant to excite bitcoin holders as one of Trump’s most loyal lobby groups, distracted by potential bitcoin purchases that will never truly materialize.

Yet as anyone tracking the political discussion around the SBR would know, the government’s bitcoin accumulation strategy has been outlined in senate legislation for several months.

As proposed by Senator Cynthia Lummis of Wyoming, the Treasury could finance these purchases by issuing new certificates for the Federal Reserve’s gold holdings to reflect current market prices, creating a windfall worth hundreds of billions of dollars.

Sell gold. Purchase digital gold. Simple, non-controversial, and budget neutral.

Given that Commerce Secretary Howard Lutnick already owns “hundreds of millions” of dollars in BTC, and says he’s confident in its long-term performance, it’s hard to believe he would not back this strategy.

Digital Gold vs. Digital Experimentation

Endorsing bitcoin as digital gold puts it in an entirely new realm from all other digital assets. For years, cryptocurrencies have been viewed like speculative tech investments with smaller total addressable markets and numerous competitors, much like equities.

By contrast, the administration’s stance reflects a belief in Bitcoin’s enduring value proposition as a store of value. This is a category for a select few of the most important asset classes in the world. While the world’s largest equities have market capitalizations of $ $3 trillion to $5 trillion at best, store of value assets – gold, real estate, bonds – cumulatively surpass $450 trillion in value globally.

This is Bitcoin’s potential land grab if it is newly recognized by the wider world in this light. U.S. government recognition is a great way to shift the Overton window in that direction.

Legislative Moves to Cement the Reserve

Senator Lummis reintroduced her BITCOIN Act to establish an SBR on Tuesday, and to codify it into law. It’s also been proposed in the House of Representatives by Rep. Nick Begich of Alaska, both suggesting that the nation accumulate 1 million BTC for its reserves.

Their efforts aim to ensure the reserve’s permanence, safeguarding it from the whims of future administrations, who could nullify the President’s E.O. with the stroke of a pen. With multiple co-sponsors, there is a growing consensus with the political right on Bitcoin’s strategic importance and a desire to solidify its status as a reserve asset.

The world will be watching to see how this bold experiment plays out.