President Trump has signed an executive order to create a national stockpile of Bitcoin and other digital currencies, utilizing seized assets estimated to be worth $17 billion. The order aims to position the United States as the “crypto capital of the world” and prevent extra costs for taxpayers by developing budget-neutral strategies. Mr. Trump’s administration has shown support for the crypto industry by dropping lawsuits and hosting a “crypto summit.”
Critics have raised concerns about conflicts of interest surrounding Mr. Trump’s personal investments in cryptocurrencies. The plan has been met with skepticism, as some believe it could benefit existing crypto executives and pose risks due to the highly volatile nature of digital assets. The White House did not comment on the executive order.
The plan to establish a national crypto reserve gained popularity last year in response to Mr. Trump’s support for the industry. The stockpile will include Bitcoin and other cryptocurrencies acquired through criminal or civil seizures, but the government will focus solely on Bitcoin for future purchases. Despite criticisms, crypto investors have welcomed the move, anticipating increased adoption among governments and institutions. Nathan McCauley, CEO of Anchorage Digital, praised the White House’s long-term outlook on holding digital assets.
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