On March 10, according to a report by Decrypt, Geoff Kendrick, global head of digital asset research at Standard Chartered (Standard Chartered), suggested that the US government could purchase bitcoin in several budget-neutral ways when implementing President Trump's latest executive order. Kendrick elaborated on the tactics, noting that they would avoid "additional costs to the U.S. taxpayer," a practice that Trump had already banned when he built up the strategic bitcoin reserve on Thursday. In a research note on Friday, Kendrick wrote that the Trump administration could do so by "selling gold," using the US Treasury's so-called Exchange Rate Stabilization Fund (ERF), or incorporating budget-neutral plans into the Bitcoin Act of 2024 proposed by Senator Cynthia Lummis. According to the World Gold Council, the US government currently holds 8,133.46 tonnes of gold. At current prices, the gold is worth about $758 billion.