Trump signs to establish a Bitcoin Strategic Reserve

Author: Nandita Bose, Jasper Ward

Washington (Reuters) -us President Donald Trump signed the Executive Order on Thursday to establish a strategic reserve Bitcoin, the day before meeting heads from the Kruptocurrency industry in the White House.

The reserve will capitalize with Bitcoin owned by the Federal Government, which was taken away as part of the crypto Czar, the White House, the White David bag, said in the Social Media Platform X.

Participants on Friday is the Summit of White House Crypto, they expect the event to serve as a stage to formally announce their plans to build a strategic reservation that contains Bitcoin and four other crypturarzers.

Earlier this week, Trump announced the names of five digital means that he expects to include in this reserve in this reserve, pointing the market value of each. Five are Bitcoin, Ether, CSRP, Solana and Cardano, said President.

It is not clear how such a reserve would work or to use taxpayers. Sack said that the federal government would have a strategy to maximize the value of his farms in such reserves, without the offer of detail.

“The US will not sell any bitcoin deposited in the reserve. It will be kept as value value. The reservation is like a Knoka digital fort for cryptocurrency, which is often called” digital gold “.

Trump moves to support the crypto industry, which spent millions of support and other Republicans in November elections, attracted concerns of some conservative and cryptical supports on the already rich community and delegitimizing digital currency industry.

Proponents claim that the reservation helped that taxpayers benefit from the growth of CRIPTO prices.

Bitcoin briefly fell more than 5% to $ 85,000 after sending bags and last altered hands to $ 88,107.

“This is the most important and disappointing outcome we could expect for this week,” Charles Edwards, the founder of Bitcoin-focused Hedge Funds Capriola Investment wrote in the post in KS.

“No active purchase means it’s just a fantastic title for Bitcoin’s houses that existed already with the government. This is a pig in the lipstick.”

Trump’s executive order sent the Treasury Secretaries and trade to develop “budget neutral strategies” to acquire additional bitcoin that do not have “incremental costs” on taxpayers.

The bags are estimated that the US government owns about 200,000 Bitcoin and the premature sales of cryptocurrency cost a US taxpayer $ 17 billion. It was not clear how bags came to these estimates.

The President’s Support for the crypto industry also caused concern in the conflict. Trump’s family launched coins for cryptocurrencinelene memes, and the president also holds a share in financial world freedom, crypto platform.

His associates said that Trump submitted control over his business ventures, which have reconsidered the external lawyers of ethics.

(Reporting Nandit Bose, Jasper Ward and Ismail Shakil; Additional Reporting Kevin Buckland; Editing Leslie Adler, Michael Perry and Jacqueline Wong)