U.S. President Donald Trump has signed an executive order to establish a strategic Bitcoin reserve that includes BTC seized by the U.S. government through law enforcement actions. The reserve will also include other coins forfeited in criminal or civil proceedings, but no taxpayer money will be spent on acquiring BTC or other coins. Currently, the U.S. government holds 198,000 bitcoins worth about $17.3 billion, and treating them as a reserve removes selling pressure from the market. However, bitcoin prices initially dropped due to disappointment over the lack of new BTC purchases by the government. Market pundits have differing opinions, with some disappointed by the lack of a clear acquisition plan and others suggesting potential hidden accumulation strategies by the U.S. government. The executive order is seen as symbolic recognition of bitcoin as a reserve asset of the U.S. government, and there may be more favorable tax treatment towards crypto announced at the White House crypto summit.



Other News from Today