BREAKING: Trump signs order to establish strategic bitcoin reserve

President Donald Trump of the United States on Thursday signed an executive order to establish a strategic bitcoin reserve, a day before meeting with executives from the cryptocurrency industry at the White House.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

The White House crypto czar, billionaire David Sacks, said in a post on X that the reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.

Attendees at Friday’s White House crypto summit expect the event to serve as a stage for Trump to formally announce his plans to build a strategic reserve containing bitcoin and four other cryptocurrencies.

Recall that earlier this week, Trump announced the names of five digital assets he expects to include in this reserve, spiking the market value of each.

The president highlighted the five to include bitcoin, ether, XRP, solana and cardano.

It is not clear how such a reserve would work or how it would benefit taxpayers.

However, Sacks said the federal government will have a strategy to maximize the value of its holdings in such a reserve, without offering details.

“The US will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called ;digital gold’, Sacks said.