🗣️ Trump creates a Strategic Bitcoin Reserve one day before the White House cryptocurrency summit! 🔥

🔹President Donald Trump established a Strategic Reserve of #bitcoin through a decree, according to a post on X by David Sacks, the White House's czar for artificial intelligence and cryptocurrencies.

Trump had posted on social media on Sunday that he would order the government to accumulate bitcoin, ethereum, and three other tokens, which sparked negative reactions from the cryptocurrency industry.

Sacks said that the reserve would be “capitalized with Bitcoin owned by the federal government that was confiscated as part of criminal or civil asset forfeiture proceedings.” He stated that this would ensure the reserve would not cost taxpayers anything.

Additionally, the decree would order a complete count of the government’s digital asset holdings, which Sacks estimated includes around 200,000 bitcoin. The government will not sell any bitcoin in the reserve, he wrote, comparing it to “a digital Fort Knox.”

The decree also created a U.S. Digital Asset Warehouse, he wrote. “The purpose of the Warehouse is the responsible management of the government’s digital assets under the Department of the Treasury.”

The cryptocurrency industry has enjoyed unprecedented access in Trump’s White House, in contrast to the stricter stance of former President Joe Biden and his administration. For example, on Friday, the White House will hold its first cryptocurrency summit.

🔹Critics of cryptocurrencies say that the asset has artificial backing for its value and question the need for a reserve.

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