During the first-ever White House cryptocurrency summit, President Trump announced a new executive order establishing a Bitcoin strategic reserve. The plan involves the U.S. Treasury acquiring Bitcoin through civil asset forfeitures, with the aim of never selling these holdings. Trump highlighted the government's existing position as a leading holder of Bitcoin, having obtained around 200,000 through law enforcement actions. Moreover, the administration will explore ways to accumulate additional Bitcoin without burdening taxpayers, while also creating a separate reserve for other cryptocurrencies.
On Thursday, cryptocurrency czar David Sacks announced that Trump had signed an executive order to establish a government reserve of Bitcoin, which directs seized Bitcoin to be deposited.
Trump emphasized that the government will never sell its holdings, stating, 'America will follow the rule that every Bitcoin knows very well: never sell your Bitcoin,' adding a bit of humor.
The president disclosed that the federal government is among the largest holders of Bitcoin globally, with as many as 200,000 obtained through civil law enforcement actions.
The Treasury and Commerce departments will explore new pathways for acquiring additional Bitcoin for the reserve, ensuring it's done at no cost to taxpayers.
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