President Trump has signed an executive order to create a government-backed Bitcoin reserve, described by crypto czar David Sacks as a "digital Fort Knox." This reserve will primarily consist of around 200,000 Bitcoin obtained through criminal and civil forfeitures. The order mandates that the Secretary of Treasury develop a broader stockpile for digital assets. Importantly, no taxpayer funds will be used for purchasing additional Bitcoin. Treasury Secretary Scott Bessent stated that the reserve's assets would only be allocated to victims after ensuring compensation.
"Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings."
"It will be kept as a store of value. The government will explore ways to acquire more Bitcoin as long as it doesn't impose incremental costs on United States taxpayers."
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