US President Donald Trump has signed an executive order to create a strategic bitcoin reserve in the country. White House Crypto Caesar, David Sachs announced development through its X handle in the early hours of March 7, 7 March. He said that the reserve would be capitalized with bitcoin tokens which were seized as part of criminal or civil proceedings. The order also involves the accumulation of a digital asset stockpile that includes ultcoin that is seized by federal agencies as part of a legal investigation.
Sachs estimated that the US government currently holds around 200,000 bitcoin tokens. The BTC currently trading at $ 87,726 (about Rs 76.4 lakh), 200,000 token amounts more than $ 17.6 billion (about Rs 1,53,161 crore). President Trump has ordered the full audit of the Digital Asset Holdings of the federal government.
Essentially, Trump’s bitcoin reserve and crypto stockpile will be funded from crypto assets seized during federal investigation instead of fresh tokens purchased using taxpayers’ money.
âTreasury and Commerce Secretary are authorized to develop budget-plate strategies to obtain additional bitcoins, provided that those strategies have no incremental cost on American taxpayers. The government will also not acquire additional assets for stockpiles, which has been obtained through the proceedings of the forearm, âthe sacks have written Do,
In Government statementThe White House referred to bitcoin as ‘digital gold’ and said that the cures of these crypto reserves would give them proper inspection and prevent them from being sold pre-levied.
Sachs also shared pictures of the President who signed an executive order in the Oval Office, called it a historic moment.
The announcement, the White House came a few days before hosting the first-Crypto summit of the US on Friday, March 7, 7 March. Several major figures in the Crypto industry have confirmed their invitation for the event, which aims to bring industry leaders in collaboration with policy makers and regulators.
Next to the summit, many people from the Crypto community have praised the establishment of these stores. These include a microstaret founder Mitchell Sayler And CEO of Coinbase Brian ArmstrongIn its tweet, Armstrong advised G20 countries such as India, Germany, France and Canada to ‘follow the leadership of the US’.
This executive order aligns Trump’s pledge with the pledge to make the US a global leader in cryptocurrency. During his election campaign last year, he vowed to establish a bitcoin reserve for the nation. Under their administration, the US SEC has also launched a Crypto Task Force to develop a regulatory structure that promotes industry development while protecting investors from market risks.
