Calls for the U.S. to establish a strategic Bitcoin reserve are gaining traction, but according to VanEck’s head of digital assets, Matthew Sigel, this ambitious idea won’t come to life through presidential orders alone. Instead, Sigel believes any meaningful expansion of a government-held Bitcoin reserve must be grounded in well-crafted legislation passed by Congress.
Speaking at the Bitcoin 2025 conference in Las Vegas, Sigel laid out a vision for how such a reserve could evolve responsibly and sustainably—starting with tax incentives and policy changes rather than unilateral moves from the executive branch.
A Gradual, Law-Based Approach to Bitcoin Accumulation
Sigel emphasized that a measured, legislative strategy is the most sustainable way to build a strategic Bitcoin reserve. One of his key recommendations includes introducing tax credits for Bitcoin miners, particularly those utilizing methane gas or other environmentally responsible energy sources. In return for these incentives, miners could contribute a portion of their mined Bitcoin to a federal reserve.
“The most realistic approach,” Sigel stated, “is embedding Bitcoin incentives directly into budget legislation—specifically through amendments to reconciliation bills.” By using tools already available in the budget process, he argues, lawmakers can foster Bitcoin accumulation in a way that avoids unnecessary controversy or fiscal backlash.
Sigel also warned against relying on executive orders, which are susceptible to legal challenges and political pushback. “If you’re trying to move hundreds of millions into Bitcoin through an executive order, you’re going to face lawsuits—especially from political figures like Elizabeth Warren,” he noted. Instead, he suggested starting small, possibly allocating up to $100 million from existing sources like the Exchange Stabilization Fund.
Trump’s Executive Order and the Push for Budget-Neutral Bitcoin Growth
The idea of a national Bitcoin reserve isn’t entirely hypothetical. In March 2025, former President Donald Trump issued an executive order calling for the formation of a U.S. Bitcoin Strategic Reserve. However, the order stipulates that any BTC acquired must be done without adding to the federal deficit—either through asset forfeiture or other cost-neutral methods.
With that constraint in mind, lawmakers and financial strategists have started brainstorming how to grow the reserve without burdening taxpayers.
Legislative Proposals from Lummis and Hines Offer Alternative Paths
Senator Cynthia Lummis of Wyoming has been a vocal proponent of Bitcoin integration at the federal level. Her July 2024 proposal outlines a novel strategy: convert a portion of the U.S. Treasury’s gold certificates into Bitcoin. This would enable the government to diversify its asset holdings without requiring new spending.
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, backed a similar idea earlier this year. Hines advocated for revaluing the Treasury’s gold reserves—currently priced at an outdated $42.22 per troy ounce—and using the paper gains to fund Bitcoin purchases. With gold recently hitting a record high of $3,500 per ounce before dipping slightly to $3,300, the potential revaluation would unlock billions in value, making this a feasible and budget-neutral tactic.
A Crossroads for U.S. Crypto Strategy
With nearly 200,000 BTC reportedly already in government possession through various seizures, the question now is whether the U.S. will treat Bitcoin as a long-term strategic asset or continue to liquidate holdings as needed. For voices like Sigel, Lummis, and Hines, the answer lies in integrating Bitcoin into national policy deliberately and legally, rather than through executive shortcuts.
As Bitcoin continues to mature into a globally significant asset, these discussions are becoming more than theoretical. If policymakers can align on a practical framework, the U.S. could be poised to lead the way in sovereign Bitcoin accumulation—without breaking the bank or the law.
