Trump signs executive order to establish strategic Bitcoin reserve

PANews reported on March 7th, according to Jinshi, that the White House cryptocurrency chief David Sacks revealed that Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve will be funded by Bitcoins owned by the federal government, which were confiscated in criminal or civil asset forfeiture proceedings. Apart from assets obtained through asset forfeiture procedures, the government will not purchase additional assets for this reserve. The government will not sell any Bitcoins deposited into the reserve. The Secretary of Treasury and Commerce are authorized to develop strategies to maintain budget neutrality while acquiring more Bitcoins. This executive order also established a US digital asset reserve.

Sacks also stated that the U.S. government's premature sale of Bitcoin has already cost American taxpayers over $17 billion in value. The U.S. government owns about 200,000 Bitcoins; this executive order requires a comprehensive accounting of digital assets held by the federal government. Now, the federal government will formulate a strategy to maximize the value of its held Bitcoin as much as possible.