US to establish strategic crypto reserve
US President Donald Trump has signed an executive order to create a strategic reserve of bitcoin and other digital assets. This makes the US one of the few countries in the world to create a national reserve of blockchain assets.
White House crypto czar David Sacks said that the reserve will hold cryptocurrencies seized as part of criminal or civil proceedings. The US will not sell any bitcoin deposited in the reserve. It will keep it as an asset.
That is, the US government will not use taxpayers’ money to fund the strategic reserve. After David’s statement, bitcoin prices fell by about 5% on Friday.
Donald Trump to host the first crypto summit
Further information is expected on Friday when the US President hosts the first crypto summit at the White House. Trump said four years ago that bitcoin “sounds like a scam” but now plans to make the US the “crypto capital of the world”.
The US also keeps petroleum in reserve
Some countries also keep strategic reserves of national assets to diversify government holdings. The US keeps petroleum reserves.
