Dennis Porter, CEO of the pro-Bitcoin nonprofit Satoshi Action Fund, has released a draft of a potential executive order on adopting Bitcoin as a strategic reserve asset. The bill includes an initial allocation of up to 2% of the U.S. Treasury’s Exchange Stabilization Fund (ESF) total portfolio over an 18-month pilot program. It also includes provisions for utilizing Bitcoin seized by the U.S. government. The move comes as part of a broader push by some in the crypto community to have Bitcoin recognized as a legitimate store of value and inflation hedge. A number of companies, including MicroStrategy and Tesla, have already added Bitcoin to their balance sheets. Porter argues that Bitcoin is a superior alternative to gold as a strategic reserve asset due to its scarcity, portability, and divisibility. He also notes that Bitcoin is not subject to the same political risks as gold, which can be confiscated by governments. It remains to be seen whether the draft executive order will be adopted by the Biden administration. However, the proposal is a sign of the growing interest in Bitcoin as a strategic reserve asset.

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