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.
EXECUTIVE ORDER: Trump Creates Strategic Crypto Reserve to Stockpile Seized Assets from Proceedings of Federal Forfeiture
Cryptocurrencies decline as Trump’s U.S. bitcoin reserve plan falls short of expectations
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.
- The U.S. currently owns more than 198,000 bitcoins worth about $17 billion, according to Arkham.
- 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.
- 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.
