Why the U.S. Cannot Buy Bitcoin at $60,000 Despite Jim Cramer Rumors

TLDR

• CNBC host Jim Cramer claimed President Trump would buy bitcoin at $60,000 to fill a strategic reserve, but no such mechanism exists
• Trump’s executive order created a bitcoin reserve on paper, but it requires congressional approval and hasn’t been established
• The government has no authority to spend taxpayer money on bitcoin purchases under current law
• U.S. bitcoin holdings come from criminal seizures, not active buying, and total around 328,000 BTC according to blockchain data
• Treasury Secretary Scott Bessent confirmed last week he has no authority to bail out bitcoin or direct purchases

CNBC host Jim Cramer sparked confusion in crypto markets over the weekend with claims that President Donald Trump plans to start buying bitcoin at $60,000. The problem is that no such plan exists and the government has no mechanism to make those purchases.

During a segment on Squawk on the Street, Cramer said he heard the president would “fill the Bitcoin reserve” at the $60,000 price level. He framed his comments as market chatter rather than confirmed information. The remarks circulated widely on social media as bitcoin traded near that level.

President Trump did sign an executive order last year directing the creation of a strategic bitcoin reserve. However, that order did not bring the reserve into existence. The Treasury Department and crypto advisers spent months auditing federal crypto holdings but haven’t released the total amount.

The process hit a roadblock when advocates determined they need congressional approval to establish the stockpile under law. The recent stablecoin legislation didn’t include provisions for the reserve. The broader crypto market structure bill currently moving through the Senate also lacks language creating the fund.

Congressional Action Required

Industry lobbyists are currently focused on passing the digital asset oversight bill. A bitcoin reserve may rank below that priority and potential crypto tax reforms. Getting any legislation through Congress remains challenging even for less controversial topics.

Trump’s executive order specifically rejected using taxpayer money to buy cryptocurrency. This disappointed some industry advocates at the time. Instead, the order directed agencies to stop selling seized assets from criminal and civil cases.

The White House crypto adviser Patrick Witt told reporters last week that officials still won’t share the exact amount of government bitcoin holdings. Blockchain analytics firm Arkham Intelligence estimates U.S. government wallets hold approximately 328,000 bitcoin. At current prices, that represents roughly $23 billion in value.

Public court filings show at least 127,000 bitcoin held from a single forfeiture case. Additional holdings come from earlier seizures related to darknet markets, fraud investigations and sanctions enforcement. The Department of Justice treats seized cryptocurrency as government property.

Arkham’s data shows bitcoin balances in government wallets have remained largely unchanged in recent weeks. No on-chain evidence supports claims of active purchasing or accumulation. The government does not disclose a consolidated figure for its total crypto holdings.

No Bailout Authority

Treasury Secretary Scott Bessent addressed questions about government bitcoin purchases during congressional hearings last week. He stated clearly that he has no authority to bail out bitcoin. Bessent also said he cannot order U.S. banks to buy cryptocurrency.

Some advisers to Trump and lawmakers like Senator Cynthia Lummis have proposed ways to buy bitcoin without using tax revenue. No solutions have been implemented. Lummis announced her retirement after this year and her legislative efforts to create the reserve haven’t advanced.

Bitcoin fell from the mid-$70,000 range to near $60,000 last week before partially recovering. The price swings came as broader market sentiment deteriorated. The cryptocurrency hit its weakest levels since late 2024 during the selloff.

Several state governments moved faster than the federal government on bitcoin reserves last year. Multiple states passed legislation creating budget allocations for digital assets. These state-level initiatives may offer more immediate opportunities than federal action.

The White House did not respond to requests for comment on Cramer’s weekend speculation. No U.S. agency has announced plans to purchase bitcoin on the open market. Treasury officials have repeatedly emphasized a hands-off approach to cryptocurrency markets.

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