On March 7 local time, White House cryptocurrency director David Sacks stated on X that President Trump has signed an executive order to establish a strategic Bitcoin reserve, but it seems to differ from previous expectations in the cryptocurrency community.
Sacks stated on X that this reserve will be capitalized with the Bitcoins owned by the U.S. government, which were obtained through criminal or civil asset forfeiture, and the government will not purchase additional Bitcoins.
Some analysts believe these details suggest that this order is more about 'storage' of cryptocurrency rather than 'reserve.' 'Reserve' implies that the government would purchase cryptocurrency, while 'storage' means merely holding cryptocurrency obtained through criminal or civil asset forfeiture.
As a result of this news, Bitcoin has fallen below $86,000, dropping more than 5% in a single day.
Sacks wrote on X that the U.S. government is estimated to hold about 200,000 Bitcoins; however, a complete audit has never been conducted, so this executive order instructs a comprehensive review of the U.S. government's digital asset holdings.
In addition, Sacks mentioned several details:
1. The U.S. will not sell any Bitcoins deposited in this reserve, which will be used as a store of value. Selling Bitcoins too early has resulted in over $17 billion in potential losses for U.S. taxpayers. The U.S. government will now develop a strategy to maximize the value of its held assets.
2. The Secretary of the Treasury and the Secretary of Commerce are authorized to develop budget-neutral strategies to acquire more Bitcoins, provided these strategies do not impose additional costs on U.S. taxpayers.
3. This executive order creates a U.S. digital asset storage that includes digital assets besides Bitcoins seized in criminal or civil litigation.
4. Besides the assets obtained through asset forfeiture procedures, the government will not purchase additional assets for this reserve.
5. The purpose of this reserve is to responsibly oversee the digital assets held by the government under the management of the Treasury.
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