White House Establishes Strategic Bitcoin Reserve Ahead of Crypto Summit
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The White House announced a Strategic Bitcoin Reserve via an executive order. A new U.S. Digital Asset Stockpile will manage other cryptocurrencies. The White House has confirmed the creation of a Strategic Bitcoin Reserve, a move outlined in an executive order signed by President Donald Trump. This initiative comes just one day before the administration’s first-ever crypto summit. The order directs the Treasury Department to establish an office managing the reserve, which will hold Bitcoin (BTC) confiscated through criminal or civil asset forfeiture. The U.S. government currently possesses around 198,109 BTC, valued at approximately $16.92 billion. However, past Bitcoin sales resulted in an estimated $16.14 billion loss due to premature liquidations. Trump’s Strategic Bitcoin Reserve Trump’s executive order also establishes a U.S. Digital Asset Stockpile to manage other cryptocurrencies. While Bitcoin will be held indefinitely, different assets may be used for law enforcement operations or returned to crime victims. The Treasury Department must submit a full accounting of all government-held digital assets within 30 days. Trump’s support for crypto contrasts sharply with former President Joe Biden’s regulatory crackdowns. His administration actively engages with the crypto industry, appointing David Sacks as the White House czar for AI and cryptocurrency. Sacks stated that the government’s Bitcoin holdings exceed 200,000 BTC, currently worth around $17.5 billion. On Sunday, Trump revealed plans to expand digital asset reserves, including Ethereum, Solana, XRP, and Cardano. His announcement sparked mixed reactions within the industry, with some questioning the move’s long-term impact. Critics argue that a government-held Bitcoin reserve could destabilize the market. Law professor Hilary Allen previously warned that selling large amounts of BTC could cause price crashes, undermining the asset’s value. The White House’s crypto summit will gather industry leaders to discuss regulations and policy directions. Highlighted Crypto News TodayBitcoin Slides to $87K Despite Crypto Summit…
Filed under: News - @ March 7, 2025 10:24 am