Friday, March 07, 2025

Trump signs order to establish strategic bitcoin reserve • FRANCE 24 Eng...

Mar 7, 2025 #Trump #Bitcoin #crypto

. . .and then the markets plunged!

U.S. President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, a day before meeting with executives from the cryptocurrency industry at the White House.

The reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X.

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Trump Signs Executive Order to Establish Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile - Brave New Coin

Cryptocurrencies fell Thursday night after President Donald Trump signed an executive order creating a strategic bitcoin reserve for the United States and, separately, a “digital asset stockpile.”

The price of bitcoin was last lower by 3% at $87,586.86, according to Coin Metrics. Shortly after the news broke, it fell to as low as $84,688.13.

Earlier losses in other coins – specifically those that rallied at the beginning of the week after Trump said they would be included in the strategy – also eased.

Ether was down 2%

Solana’s SOL token retreated 1% and 3%, respectively

Cardano’s ADA token tumbled 13%.

The White House issued a fact sheet on the strategic reserve | Amr Hamed on Binance Square

Donald Trump Names XRP, SOL, ADA, BTC and ETH as Part of U.S. Crypto Reserve

White House crypto and AI czar David Sacks detailed in a post on X that the bitcoin reserve will include bitcoin already owned by the U.S. government that it seized from past law enforcement actions – a move, he emphasized, that will “not cost taxpayers a dime.”

The U.S. currently owns more than 198,000 bitcoins worth about $17 billion, according to Arkham.

The stockpile of other coins will include “digital assets other than bitcoin forfeited in criminal or civil proceedings.” Sacks said the government will not acquire additional assets for it “beyond those obtained through forfeiture proceedings.”

Arkham data shows the U.S. government owns about 56 ether tokens worth almost $119 million. It does not list XRP or the Solana or Cardano tokens.

. . .The announcement came days after Trump teased new details on the highly anticipated bitcoin reserve that had become one of his biggest promises to the crypto industry on his campaign trail, and on the eve of the first White House Crypto Summit.

The crypto market has been rocked this week by the tariff war and inflation concerns, which have largely overshadowed the speculative excitement around the bitcoin reserve.

JPMorgan on Wednesday said it doesn’t expect a big move higher in crypto in the near term, given the broader economic uncertainty and weakening demand.

Bitcoin briefly returned to the key $90,000 level earlier this week and is now hovering just below it. Investors and analysts have warned that until bitcoin can meaningfully hold above it, it’s at risk of a bigger pullback toward $70,000.