#Crptocurrency 🔥Trump signs order to establish strategic bitcoin reserve 💯
Friday 🚀💯👉$BTC
WASHINGTON, March 7 (Reuters) - U.S. President Donald Trump has signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government, disappointing some in the market who had hoped for a firm plan to buy new tokens.#Trump’sExecutiveOrder
The announcement, made on Thursday ahead of a meeting with crypto executives at the White House later on Friday, sent the price of bitcoin down by around 5% to $85,000. In early European trading on Friday, bitcoin has recovered to trade at $89,200 .#TrumpInPump
A "Strategic Bitcoin Reserve" will be capitalized with bitcoin owned by the federal government that was seized as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X.$BTC
The order kept open the possibility of the government buying bitcoin in future. The U.S. commerce and treasury secretaries "are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers," a factsheet on the White House website said.
Trump's promise of a strategic reserve and expectations for easier industry regulation had seen the token surge to an all-time high at $109,071.86 in January.
"This is the most underwhelming and disappointing outcome we could have expected for this week," Charles Edwards, founder of bitcoin-focused hedge fund Capriole Investments, wrote in a post on X.#MarketPullback