Trump Signs Order on Bitcoin Reserve & Digital Stockpile
Elon Musk & Donald Trump Image credit X.com
Trump Unveils Digital ‘Fort Knox for Digital Gold’
Web Desk
Washington, March 6: U.S. President Donald Trump signed a fresh Executive Order to establish a strategic Bitcoin reserve. The order states that it will also unveil a digital asset stockpile.
“This is a promise that you made throughout the campaign, and today we’re keeping that promise,” an official told Trump while he signed the Executive Order.
The reserve will be capitalized with Bitcoin that the federal government already owns. “It won’t cost taxpayers a dime,” said the official, who added that “this is like a digital Fort Knox for digital gold”.
He also stated that “premature sales of Bitcoin over the past year cost American taxpayers over $17 billion in lost value”. Bitcoin staged a massive comeback rally while trailing Trump campaign in the November elections.
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The official explained that the loss was on account of the “U.S. lacking a long-term strategy”. Bitcoin was trading almost five per cent lower ahead of the signing of the Executive Order.
In the last six months, Bitcoin rose by almost 60 per cent. Bitcoin is currently trading at a whopping $85,418.17.
White Sacks, White House AI & Crypto czar, in a statement said that “just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.”
“This means it will not cost taxpayers a dime. It is estimated that the U.S. government owns about 200,000 bitcoins. However, there has never been a complete audit,” said Sacks.
He stated that the “E.O. directs a full accounting of the federal government’s digital asset holdings. The U.S. will not sell any bitcoin deposited into the Reserve.”
It will be kept as a store of value, added Sacks. “The Reserve is like a digital Fort Knox for the cryptocurrency often called digital gold. Now the federal government will have a strategy to maximize the value of its holdings,” added Sacks.
He also stated that the “Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers”.
The Executive Order for a U.S. Digital Asset Stockpile consists of digital assets other than bitcoin forfeited in “criminal or civil proceedings”. “The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings. The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department,” added Sacks.
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