Financial Insights That Matter
In This Story
Just hours before the White House Crypto Summit, President Donald Trump signed an executive order to establish a strategic Bitcoin reserve and a separate stockpile of other digital assets. The news plunged Bitcoin to $84,000 Thursday evening, however, as the federal government isn’t purchasing new bitcoins under the order; it’s merely establishing a reserve using its existing holdings. On Friday morning, Bitcoin was up 1%, hovering around $90,000.
Trump’s crypto advisor, David Sacks, stated on X that the Bitcoin reserve will be funded with Bitcoin already held by the federal government, seized through criminal or civil asset forfeiture proceedings.
The Treasury Department will establish an office to manage the reserve. “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.”
The U.S. is the largest holder of Bitcoin
Currently, the United States is the largest government holder of Bitcoinwith a staggering 213,297 Bitcoin in its possession, according to data from CoinGecko. At current market prices, this amounts to approximately $19.3 billion.
Most of these Bitcoin holdings have been acquired through cryptocurrency seizures, often stemming from law enforcement operations targeting illicit activities such as black-market trading and transactions on darknet markets.
Crypto leaders welcomed Trump’s move
Crypto leaders such as Coinbase (COIN+0.97%
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.