Former President Donald Trump has signed an executive order to create a strategic Bitcoin reserve, positioning the U.S. as one of the few nations with a national stockpile of blockchain assets. The reserve will hold cryptocurrencies forfeited through criminal or civil proceedings, according to White House AI and crypto advisor David Sacks. The U.S. government will not sell the Bitcoin held in the reserve but will retain it as an asset. Trump, who previously criticized Bitcoin as a “scam,” now aims to make the U.S. the “Crypto Capital of the World.” The initiative also includes a stockpile for other cryptocurrencies and directs a full accounting of federal crypto reserves, estimated at 200,000 Bitcoin, worth $17.5 billion at current prices. Sacks stated the reserve would not cost taxpayers and compared it to the U.S. gold reserves at Fort Knox. The announcement caused Bitcoin prices to drop over 5%. Earlier, Trump named five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—for potential inclusion, causing their market prices to surge. The move contrasts with former President Joe Biden’s stricter approach to crypto regulation. Further details are expected during a White House crypto summit. — news from BBC.com
