In a report published on November 11, 2026, Foresight News relayed comments by Patrick Witt, former executive director of the White House Crypto Council, from an interview on the What Bitcoin Did podcast. The outlet noted that the interview was recorded before the U.S. midterm elections and that the video was published on November 10.
Witt said President Trump is interested in the U.S. government acquiring Bitcoin and that there had already been extensive internal discussion of how that might be done. He said the legality of buying directly in the open market is doubtful. In his account, a lawful purchase would require congressional authorization, and the administration’s position is to press for legislation that would write a strategic Bitcoin reserve into law. He added that, with Congress divided, passing such a bill on its own would be very difficult.
Paths Witt said the Treasury had discussed include revaluing gold reserves, using the Exchange Stabilization Fund, converting other assets on the balance sheet into Bitcoin, and collecting taxes and fees in Bitcoin. He said each of these still needs further legal analysis, and that whether any of them advances ultimately depends on whether Treasury Secretary Bessent is willing to push it. The remarks describe stated interest and a set of routes that remain legally unresolved; they do not describe an authorized open-market buying program.
Witt also said earlier audits of Bitcoin held by government agencies produced uneven results. A second round of checks was underway to improve accuracy, and a decision on whether to publish specific holding amounts had not been made. He called prior custody arrangements “unbelievable,” saying some cold wallets had been kept in drawers and that Bitcoin held by the U.S. Marshals Service had once been stolen by a contractor’s son. He said the Treasury was building a custody system that might combine self-custody with third-party custody. Those points are reported descriptions of past handling and an unfinished inventory, not a verified public tally of government Bitcoin.
Witt said that, as he understood it, no one would succeed him as executive director of the White House Crypto Council, and that the related duties would be shared by offices including the White House Office of Legislative Affairs and the White House Counsel’s Office.
Source: Foresight News, November 11, 2026
