Trump signs executive order to build strategic bitcoin reserves

PANews March 7 news, according to Kingsen, White House cryptocurrency chief David Sacks revealed that Trump signed an executive order to establish strategic Bitcoin reserves. The reserve will be injected by the federal government's owned Bitcoins, which are confiscated in criminal or civil asset confiscation procedures, and the government will not acquire additional assets for the reserve except for the assets acquired through the asset confiscation procedures. The government will not sell any Bitcoin deposited into the reserves. The Finance Ministers and Commerce Secretary are authorized to develop strategies to keep budget neutral to acquire more Bitcoin. The executive order also sets up a U.S. digital asset reserve.

Sacks also said that the U.S. government's premature sale of Bitcoin has cost U.S. taxpayers more than $17 billion in value. The U.S. government owns about 200,000 bitcoins, and the executive order requires a comprehensive accounting of digital assets held by the federal government. Now, the federal government will develop a strategy to maximize the value of Bitcoin it holds.