Jeff Park, Head of Alpha Strategies at Bitwise, shared his thoughts on Sunday, March 9, about President Donald Trump’s approach to Bitcoin. According to Park, Trump is unlikely to buy more Bitcoin until its price drops closer to $60,000. Park posted this on his official X account, as discussions heat up over how the U.S. government might increase its Bitcoin holdings without adding to the national budget.
Trump’s Plan for a U.S. Bitcoin Reserve
On March 6, 2025, President Trump signed an Executive Order to create the U.S. Strategic Bitcoin Reserve, ensuring the country remains a leader in digital assets. The government currently controls about 200,000 BTC, worth approximately $17 billion—most of which came from assets seized in criminal and civil cases. However, an audit is still pending.
The Executive Order bans selling Bitcoin from this reserve, but it does ask the Treasury and Commerce Departments to find ways to buy more BTC without using taxpayer money. This has led to speculation about how and when the government might add to its holdings.
Why Trump Won’t Buy at High Prices
Jeff Park explains that politicians, especially someone like Trump, face huge risks if they buy Bitcoin at a high price and the market crashes. He wrote:
“I know one thing better about institutions than almost anyone else: public officials almost never buy Bitcoin when prices are going up fast or when it’s at record highs. The reason is simple – they don’t want to get blamed if Bitcoin drops after they buy.”
Park’s argument is that political leaders can’t afford bad optics. If Trump were to buy Bitcoin at $100,000, and then the price dropped to $70,000, the media would tear him apart. Critics would accuse him of reckless spending or poor decision-making.
On the other hand, if Bitcoin drops to $60,000 and Trump buys, he can take credit for making a smart financial move. As Park puts it:
“If Bitcoin gets really cheap, the incentives for politicians and governments to buy go way up… It’s always a better decision politically to wait for a dip and then take credit.”
This is especially important for Trump, who is running for re-election and needs to avoid any missteps that could hurt his campaign.
Bitcoin as America’s “Digital Fort Knox”
The U.S. government’s Bitcoin reserve is meant to be a long-term asset, similar to how Fort Knox stores gold. White House Crypto and AI Czar David Sacks even called it “a 21st-century bulwark of national financial security”, highlighting its strategic importance.
But Park believes that for the reserve to truly succeed, the government needs a clear and structured plan for buying Bitcoin. He says there should be:
- Automatic purchases instead of just “studying” the market
- Shared decision-making so no single person takes all the blame
- Long-term protection, either through laws or secret government action
Public Pension Funds: A Lesson for Governments?
Park also praised public pension fund managers who have already invested in Bitcoin, calling them “true patriots.” Unlike politicians, these investment officers don’t have to worry about elections. Their only goal is to secure financial returns for retirees, and some have already taken the leap into crypto.
For example, in 2021, the Houston Firefighters’ Relief and Retirement Fund became one of the first U.S. pension funds to buy Bitcoin and Ethereum. Similarly, in Canada, the Caisse de dépôt et placement du Québec (CDPQ) invested in crypto companies, though not always successfully.
At the time of writing, Bitcoin is trading at $82,389, meaning Trump may still be waiting for a better price before making his next move.
