Hi HODLers, Hiveans and Lions,
- The U.S. president signed an executive order directing the creation of a sovereign wealth fund.
- The Treasury and Commerce Departments are set to spearhead the effort.
- Though bitcoin wasn't mentioned at the signing, the fund could conceivably house the government's bitcoin holdings.
Bessent and Trump said they expected the sovereign wealth fund to be created in the next 12 months! Do we even realize how fast this is going!?
I believe this is good for the US as if well managed, a Sovereign Wealth Fund is a powerful asset for a country (look at Norway and Saudi Arabia). The first rumor is that this newly created fund will take a stake/buyout the TikTok US company.
Crypto Bros are cheering the news as they hope this new Sovereign Fund might actually end up investing in the Blockchain/Crypto sectors. We will see about that!
Stay safe out there,