Kindly share:<\/p>\n
President Donald Trump has signed an executive order to create a Strategic Bitcoin Reserve, according to David Sacks, the White House czar for AI and cryptocurrency.<\/p>\n
Trump had previously announced on social media that he would direct the government to stockpile Bitcoin, Ethereum, and three other tokens, a decision that drew criticism from the crypto industry.<\/p>\n
Sacks clarified that the reserve would be \u201ccapitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.<\/p>\n
He emphasised that this approach ensures the reserve \u201ccould not carry a cost for taxpayers.\u201d<\/p>\n
The executive order also mandates a comprehensive review of the government\u2019s digital asset holdings, which Sacks estimates to include around 200,000 Bitcoin.<\/p>\n
He further stated that none of the Bitcoin in the reserve would be sold, likening it to \u201ca digital Fort Knox.\u201d<\/p>\n
In addition, the order establishes a US Digital Asset Stockpile. \u201cThe purpose of the Stockpile is responsible stewardship of the government\u2019s digital assets under the Treasury Department,\u201d Sacks wrote.<\/p>\n
The crypto market, like the broader financial landscape, has been highly reactive to Trump\u2019s economic policies.<\/p>\n
His shifting stance on tariffs has added uncertainty to the world\u2019s largest economy, leading investors to retreat from riskier assets such as cryptocurrency.<\/p>\n
Critics question the necessity of a Bitcoin reserve and the stability of its value. Hilary Allen, a law professor at American University and a well-known crypto skeptic, warned, \u201cThe second you start to sell, the price is going to start tanking.\u201d<\/p>\n
She added, \u201cIt just shows how pointless the whole thing is if you have any goal other than to essentially provide exit liquidity for existing holders.\u201d<\/p>\n
In his Sunday post on Truth Social, Trump specified that the reserve would include Bitcoin, Ethereum, Solana, XRP, and Cardano.<\/p>\n
Sacks also addressed concerns about a possible conflict of interest due to his involvement in cryptocurrency investments.<\/p>\n
He stated that he had sold all of his crypto holdings before Trump took office and pledged to \u201cprovide an update at the end of the ethics process.\u201d<\/p>\n
Gerald Gallagher, general counsel for Sei Labs, commented on the upcoming summit, saying, \u201cThere may still be several surprises that come out of the historic summit on Friday, and the market will still continue to deal with the weaker-than-expected jobs data that came in today and other macro factors.\u201d<\/p>\n
He added, \u201cThat said, the industry leaders attending should be able to continue to advise on policy in the right direction, and we need to keep winning with the regulators and the courts with the help of this administration.\u201d
\nCNN<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Trump By Amah Kindly share: President Donald Trump has signed an executive order to create a Strategic Bitcoin Reserve, according…<\/p>\n","protected":false},"author":1,"featured_media":4993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[142,93],"class_list":["post-4992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-cryptocurrency","tag-donald-trump"],"yoast_head":"\n
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