Trump Signs Order to Establish Strategic Bitcoin Reserve
President Trump Initiates Strategic Bitcoin Reserve
On Thursday, U.S. President Donald Trump signed an executive order to create a strategic bitcoin reserve. This announcement came just one day before his scheduled meeting with cryptocurrency industry leaders at the White House.
The reserve will be funded with bitcoin currently held by the federal government, which was obtained through criminal or civil asset forfeiture, according to David Sacks, the White House’s appointed crypto czar. Sacks shared this information via a post on the social media platform X.
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The upcoming White House crypto summit on Friday is anticipated to be the platform where President Trump will officially reveal his plans to establish a strategic reserve that will include bitcoin and four other cryptocurrencies.
Earlier in the week, President Trump disclosed the names of the five digital assets intended for the reserve. These include bitcoin, ether, XRP, solana, and cardano. This announcement significantly increased the market value of these cryptocurrencies.
The specifics of how this reserve will function and its benefits to taxpayers remain unclear.
Trump’s recent actions to bolster the cryptocurrency industry, which heavily supported him and other Republicans in the recent November elections, have raised concerns among some conservatives and cryptocurrency advocates. Critics argue that these moves could potentially lead to unnecessary benefits for an already affluent community and could undermine the legitimacy of the digital currency industry.
Supporters of the reserve argue that it could enable taxpayers to profit from the growth in cryptocurrency prices.
Additionally, President Trump’s involvement with the crypto industry has raised questions about potential conflicts of interest. Trump’s family has introduced cryptocurrency meme coins, and he also holds a stake in World Liberty Financial, a cryptocurrency platform. However, his aides have stated that Trump has relinquished control of his business ventures, which are currently under review by external ethics lawyers.
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