The post Bitcoin Price Drops As President Trump Creates Strategic Crypto Reserve appeared on BitcoinEthereumNews.com.

President Trump just signed an executive order creating a strategic Bitcoin and crypto reserve, triggering a “sell the news” event and an abrupt $5,000 drop in the price of BTC. BTC fell from $90,251 to $85,091 in less than an hour after Trump signed the order, which establishes a national Bitcoin and crypto stockpile by holding digital assets seized from criminal activities rather than auctioning them off as had been previous practice. BTC has since recovered to $87,202 at time of publishing. The order had been widely anticipated by crypto markets and confirmed the executive action will not actively purchase the top crypto asset. White House artificial intelligence and crypto czar David Sacks released a statement on the signing. “Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime. It is estimated that the U.S. government owns about 200,000 bitcoin; however, there has never been a complete audit. The E.O. directs a full accounting of the federal government’s digital asset holdings. The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold.” Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings. The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers. IN ADDITION, the Executive Order establishes a…

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Filed under: News - @ March 7, 2025 1:27 am