Key Points
- President Donald Trump has initiated the creation of a strategic cryptocurrency reserve, with Bitcoin as the main asset.
- The reserve will be funded by Bitcoin owned by the federal government, forfeited in asset forfeiture proceedings.
President Donald Trump has taken the first step towards establishing a strategic cryptocurrency reserve, with Bitcoin being the primary asset. This announcement was made by David Sacks, the White House-appointed ‘Crypto Czar’.
Establishing a Bitcoin Reserve
Sacks announced, “Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.”
This implies that the reserve will not require taxpayer funding as it will be capitalized with the federal government’s Bitcoin, obtained through asset forfeiture proceedings.
