Posted on 03/06/2025 8:30:04 PM PST by SeekAndFind
President Donald Trump established a Strategic Bitcoin Reserve and a stockpile of other digital assets through an executive order on Thursday.
The Treasury Department will set up an office to administer the reserve, which will be capitalized with Bitcoin (BTC) forfeited to the government as part of criminal or civil asset forfeiture proceedings, according to the order.
“Bitcoin is the original cryptocurrency,” the order said. “Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.”
The order also created a US Digital Asset Stockpile under the Treasury Department to manage other coins and assets. On Sunday, Trump posted on social media that he would direct the government to stockpile bitcoin, ethereum and three other tokens, which prompted backlash from the crypto industry.
In addition, the executive order directed a full accounting of the government’s digital assets holdings. David Sacks, the White House czar for AI and cryptocurrency, wrote on X that the government has about 200,000 bitcoin. Each Bitcoin is currently worth about $87,000, according to Coinmarketcap, putting the estimated value of the reserve at around $17.5 billion.
The cryptocurrency industry has enjoyed an unprecedented seat at the table in Trump’s White House, in contrast to a harder line drawn by former President Joe Biden and his administration. On Friday, for example, the White House will hold its first-ever crypto summit.
Like the broader market, the crypto market has whipsawed as Trump’s economic policies go into effect, including a back-and-forth on tariffs that has injected chaos into the world’s biggest economy. And when the market is shaky, investors pull out of risky assets like crypto.
(Excerpt) Read more at msn.com ...
Critics of crypto say the asset has an artificial backing to its value and question the need for a reserve.
“The second you start to sell, the price is going to start tanking,” Hilary Allen, a law professor at American University and a prominent crypto skeptic, previously told CNN. “It just shows how pointless the whole thing is if you have any goal other than to essentially provide exit liquidity for existing holders.”
In his Sunday post on Truth Social, Trump said that in addition to Bitcoin and ethereum, relatively obscure tokens Solana, XRP and Cardano would be stockpiled.
Stupid to create just a bitcoin reserve. Hes fuc*** the industry.
And screwing the country. Might as well give Exxon exclusive rights to the petroleum reserve as well.
He might have lost my support for good with this.
"which will be capitalized with" . . . tulips
Okay, okay, I overreacted. I wanted to see the other coins in there and they are. I realized most people especially CNN cant see the diff between bitcoin and crypto currency.
XRP will replace SWIFT when US financial companies are allowed to use it.
Obscure tokens?
Each Bitcoin is currently worth about $87,000, according to Coinmarketcap, putting the estimated value of the reserve at around $17.5 billion.
Not a bad ides there are many buyers world wide.
Trade them for gold?.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
