President Donald Trump established a Strategic Bitcoin Reserve through an executive order, according to an X post by David Sacks, the White House czar for AI and cryptocurrency. The reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, ensuring no cost to taxpayers. The executive order also directs a full accounting of the government’s digital assets holdings, estimated to include about 200,000 bitcoin, and creates a US Digital Asset Stockpile for responsible stewardship under the Treasury Department. The move contrasts with former President Joe Biden’s administration, which took a harder line on cryptocurrency. Critics argue that crypto has an artificial backing to its value and question the need for a reserve. Trump also announced plans to stockpile ethereum, Solana, XRP, and Cardano tokens. The White House will hold its first-ever crypto summit on Friday, amid market volatility influenced by Trump’s economic policies. — news from CNN
