On November 11, 2026, Jinse Finance reported comments by Patrick Witt, former executive director of the White House Crypto Council, from an interview on the What Bitcoin Did podcast. Witt said Trump is interested in having the U.S. government acquire Bitcoin, and that officials have already discussed specific methods at length. He said the legality of buying directly in the open market is in doubt.
The program was recorded before the U.S. midterm elections. The video went online on November 10. Jinse’s account is dated November 11, 2026. This article restates that report and does not treat the interview as a new announcement.
Authorization and legislation
Witt said that if the government wants to be sure a Bitcoin purchase is legal, it needs authorization from Congress. He described the government’s position as pushing to write a strategic Bitcoin reserve into law. He also said that, with Congress divided, passing a related bill on its own would be very difficult.
Paths the Treasury has discussed
Jinse’s summary of the interview lists possible routes the Treasury has discussed:
- Revaluing gold reserves
- Using the Exchange Stabilization Fund
- Converting other assets on the balance sheet into Bitcoin
- Collecting taxes and fees in Bitcoin
Witt said each route needs further legal analysis. He said whether any of them is pursued ultimately depends on whether Treasury Secretary Bessent is willing to advance it. The report presents these as discussed possibilities, not as approved or completed actions.
Holdings, disclosure, and custody
Witt said earlier audits of Bitcoin held by government agencies produced uneven results. A second round of verification is underway to improve the precision of the data. Whether specific holding quantities will be disclosed publicly has not yet been decided.
He called earlier agency custody arrangements “unbelievable.” Some cold wallets were kept in drawers, and Bitcoin held by the U.S. Marshals Service was once stolen by a contractor’s son. He said the Treasury is building a custody system and may combine self-custody with third-party custody.
The council director role
Witt said that, as he understands it, no one will succeed to the post of executive director of the White House Crypto Council. He said the related duties will be shared by departments including the White House Office of Legislative Affairs and the White House Counsel’s Office.
Boundary of the account
The report is Witt’s description, as summarized by Jinse, of interest inside government, of legal constraints, and of options still under discussion. It does not report a completed purchase, a law placing a strategic Bitcoin reserve on the books, a public holding figure, or a decision by Treasury Secretary Bessent. On Witt’s own account, open-market buying remains legally doubtful, a standalone bill would be very difficult in a divided Congress, and the Treasury routes he named still depend on further legal analysis and on Bessent’s willingness to proceed.
Original report: Jinse Finance, November 11, 2026, 17:55 UTC+8. Jinse linked the interview video, published November 10: What Bitcoin Did.
