Local time on Thursday evening, U.S. President Trump signed an executive order to establish a strategic Bitcoin reserve and a separate digital asset reserve (including cryptocurrencies other than Bitcoin). As a result, the price of Bitcoin has declined. However, the upcoming non-farm payroll report and cryptocurrency summit may bring new volatility to cryptocurrencies.

According to Trump's executive order, the Bitcoin reserve will be funded by Bitcoins seized in criminal or civil litigation, and the Secretary of the Treasury and the Secretary of Commerce are authorized to develop budget-neutral strategies to purchase additional Bitcoins, "provided that these strategies do not impose any incremental costs on American taxpayers," wrote White House AI and cryptocurrency advisor David Sacks in a post released late Thursday night.

"Bitcoin is often referred to as 'digital gold,'" the executive order notes, "Just as our nation has a responsibility to prudently manage the ownership and control of any other resource, our nation must harness rather than restrict the power of digital currency to achieve prosperity.