Former White House crypto adviser Patrick Witt said President Donald Trump remains interested in purchasing Bitcoin for the US Strategic Bitcoin Reserve, but legal restrictions and unresolved custody arrangements have so far prevented additional federal acquisitions.
Witt discussed the plans on the What Bitcoin Did podcast published November 9. Witt, who led the White House crypto council until October, said officials had considered several ways to buy Bitcoin without increasing federal spending. “I can tell you the president’s interested in it. I can tell you that there has been a lot of discussion about how we might be able to do that,” Witt said.
His comments follow the November 3 midterm elections, which gave Democrats control of Congress and created further obstacles for legislation supporting federal Bitcoin purchases. Witt warned that direct open-market purchases could face legal challenges without clear authority from Congress, and that lawmakers might attach restrictions to major legislation such as the National Defense Authorization Act.
The administration has considered funding ideas including revaluing federal gold holdings, using the Treasury’s Exchange Stabilization Fund, converting government-held digital assets into Bitcoin, and accepting BTC for certain tax and fee payments. Treasury Secretary Scott Bessent would ultimately determine how the department proceeds, according to Witt.
However, no new Bitcoin purchase amount, funding source, or official timeline was confirmed in the reported remarks. The reserve currently operates under Trump’s executive order, initially funded with Bitcoin from federal forfeiture proceedings, and remains vulnerable to amendment or revocation by a future president without new legislation.
Custody challenges also remain: Witt described inconsistent federal records, cold wallets reportedly stored in desk drawers, and prior scrutiny over transfers to Coinbase Prime involving hundreds of Bitcoin in October. The US Marshals Service selected Coinbase Prime in 2024 for custody and trading services tied to federal forfeiture operations.
For crypto markets, a confirmed US government Bitcoin purchasing program could influence investor expectations, but political statements alone may have only temporary effects without immediate policy action.
