In a late-night post on Truth Social on July 21, Donald Trump shared a video of Coin Center research director Peter Van Valkenburgh’s 2018 Senate testimony, declaring it the “greatest Bitcoin explanation of all time.” The video, from a Banking Committee hearing, features Van Valkenburgh arguing that Bitcoin is “the world’s first public digital payments infrastructure.” He emphasized that Bitcoin allows users to send and receive value globally using just a computer and an internet connection, describing it as a significant computer-science breakthrough with potential impacts comparable to the birth of the Internet on human freedom.
Trump’s endorsement comes just before a self-imposed deadline for a report from a high-level Working Group on Digital Asset Markets. On January 23, Trump signed Executive Order 14178, instructing the group to deliver a set of legislative and regulatory recommendations on cryptocurrencies within 180 days. The report is due on July 22. Rumors suggest that the report will include an official inventory of federal Bitcoin holdings, consolidate these coins into the Strategic Bitcoin Reserve, and outline budget-neutral mechanisms to expand the reserve without new taxpayer outlays.
Independent estimates indicate that wallets controlled by US agencies contain roughly 200,000 BTC, valued at approximately $20.4 billion at current prices. However, it is unclear if the US government still owns all of these coins. In December 2024, a federal judge authorized the Justice Department to liquidate 69,370 BTC seized from the Silk Road hacker known as “Individual X,” worth about $6.5 billion at the time. Prior to the election, these coins were transferred to Coinbase Prime under the Biden administration.
Trump’s March order prohibits the sale of reserve Bitcoin and directs the Treasury and Commerce departments to develop cost-neutral acquisition strategies. This move contrasts with the previous administration’s actions. The president’s post also marks the end of “Crypto Week,” during which Trump signed the GENIUS Act, the first federal statute governing dollar-backed stablecoins. Additionally, the House advanced the CLARITY Act and the Anti-CBDC Surveillance State Act, measures that would shift much enforcement to the Commodity Futures Trading Commission and bar a Federal Reserve digital currency.
Whether the Working Group’s report will align with Van Valkenburgh’s assertion that “Bitcoin is the world’s first globally accessible public money” remains to be seen. However, with the president personally amplifying this message and the policy blueprint due within hours, Washington’s next move on crypto is expected to transition from speculation to the public record.
