Trump says bitcoin reserve will change everything. Crypto fans aren’t so sure.
Ahead of the first-ever White House Crypto Summit Friday, President Donald Trump signed an executive order establishing a strategic bitcoin reserve that a factsheet claimed delivers on his promise to make America the "crypto capital of the world."
Trump's order requires all federal agencies currently holding bitcoins seized as part of a criminal or civil asset forfeiture proceeding to transfer those bitcoins to the Treasury Department, which itself already has a store of bitcoins. Additionally, any other digital assets forfeited will be collected in a separate Digital Assets Stockpile.
But while Trump likely anticipates that bitcoin fans will be over the moon about this news-his announcement of the reserve and looser crypto regulations helped send bitcoin's price to its all-time high of $109,000 in January, Reuters noted-some cryptocurrency enthusiasts were clearly disappointed that Trump's order confirmed that the US currently has no plans to buy any more bitcoins at this time.