United States President Donald Trump’s executive order to establish a Bitcoin strategic reserve and a stockpile of other digital assets has failed to impress crypto markets, with Bitcoin’s value plummeting following the announcement.
Bitcoin fell as much as 6 percent following Trump’s order on Thursday, which did not include plans for the government to actively buy Bitcoin.
After dropping as low as $84,900, the cryptocurrency was trading at about $87,700 as of 05:00 GMT.
In a statement announcing the order, Trump’s crypto tsar David Sacks said the “Strategic Bitcoin Reserve” and “Digital Asset Stockpile” would be capitalised with assets forfeited in criminal or civil proceedings.
“This means it will not cost taxpayers a dime,” Sacks said on X.
“It is estimated that the US government owns about 200,000 Bitcoin; however, there has never been a complete audit. The E.O. (executive order) directs a full accounting of the federal government’s digital asset holdings.”
Sacks said the order also called for the Secretaries of Treasury and Commerce to develop “budget-neutral strategies for acquiring additional Bitcoin” provided they are at no cost to the US taxpayer.
Trump’s order came after he repeatedly flagged plans to establish a cryptocurrency stockpile or reserve as part of his pledge to turn the US into the “crypto capital of the planet”.
United Arab Emirates Dirham Exchange Rate
