US President Donald Trump Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
President Donald Trump has made a significant move by signing an executive order to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile. This decision marks a new chapter in the government’s approach to digital assets.
Key Points:
- David Sacks revealed that the US government currently holds approximately 200,000 Bitcoin.
- The US government will not sell any Bitcoin deposited into the Reserve.
- The Digital Asset Stockpile will hold forfeited digital assets from criminal or civil proceedings.
White House AI and crypto czar David Sacks shared the news of the executive order on March 7, emphasizing that the Reserve will be funded with Bitcoin seized in criminal or civil asset forfeiture cases. Sacks highlighted that this move will not burden taxpayers financially.
Strategic Bitcoin Reserve
The establishment of the Strategic Bitcoin Reserve signifies a pivotal step towards securing the government’s digital assets. The Reserve will hold Bitcoin as a store of value, similar to a digital Fort Knox for the cryptocurrency often referred to as “digital gold.”
Sacks mentioned that the US government’s current Bitcoin holdings amount to around 200,000, although a comprehensive audit is yet to be conducted. He also noted that past sales of Bitcoin have cost taxpayers billions due to the lack of a long-term strategy.
Digital Asset Stockpile
Alongside the Strategic Bitcoin Reserve, Trump’s executive order includes the creation of a Digital Asset Stockpile. This stockpile will house digital assets other than Bitcoin that are forfeited in legal proceedings.
Trump previously mentioned on social media that the stockpile would feature a range of cryptocurrencies, with Bitcoin and Ethereum at its core. However, the addition of Solana to the reserve sparked mixed reactions, with some advocating for decentralization without government intervention.
