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#BTC #news
Trump creates a Strategic Bitcoin Reserve one day ahead of the White House crypto summit.
President Donald Trump established a Strategic Bitcoin Reserve and a stockpile of other digital assets through an executive order on Thursday, shortly before hosting a crypto summit at the White House.
The Treasury Department will set up an office to administer the reserve, which will be capitalized with Bitcoin (BTC) confiscated by the government as part of criminal or civil asset forfeiture proceedings, according to the order.
“Bitcoin is the original cryptocurrency,” the order said. “Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.”
In addition, the executive order directed a full accounting of the government’s digital assets holdings. David Sacks, the White House czar for AI and cryptocurrency, wrote on X that the government has about 200,000 bitcoin. Each Bitcoin is currently worth about $87,000, according to the Coinmarketcap, putting the total estimated value of the reserve at around $17.5 billion.
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