President Trump has signed an executive order to create a national stockpile of Bitcoin and other digital currencies, using seized assets estimated to be worth $17 billion. The order also calls for federal agencies to develop strategies to buy more Bitcoin without generating extra costs for taxpayers. Trump’s administration has been working to elevate the crypto industry, dropping lawsuits against major U.S. crypto companies and hosting a first-of-its-kind “crypto summit”. However, Trump’s personal stake in the industry has raised concerns among government ethics experts.
The idea of a U.S. crypto reserve gained traction as Trump embraced the industry, arguing that investing in Bitcoin could help tackle the national debt and maintain dominance in a future economy based on cryptocurrencies. Critics warn that the plan could benefit already wealthy crypto executives and may be risky given the volatility of digital assets.
In the summary of the executive order, it was mentioned that the government will create a stockpile of digital assets other than Bitcoin, only acquired through criminal or civil seizures. The executive order has been celebrated by crypto investors as a “historic day” and a “massive win” for the country. The White House’s move to hold Bitcoin and other digital assets for the long term is seen as a future-forward approach that could encourage more governments and institutions to adopt cryptocurrencies.
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