Donald Trump Signs Executive Order to Establish “Bitcoin Strategic Reserve”

Washington, 7 March – (www.deccanlive.com): US President Donald Trump signed an executive order on Thursday. This order will create a “Bitcoin Strategic Reserve” for the U.S. government. This reserve is a big support for the cryptocurrency industry. The industry has generously funded Trump’s recent presidential campaign.

David Sachs, a White House advisor on artificial intelligence and digital currencies, said on social media that this reserve will be like a “Digital Fort Knox.” Fort Knox in the U.S. is where the government stores its gold reserves.

According to Sachs, the U.S. already owns about 200,000 Bitcoins, worth around $17.5 billion at current prices. These assets were obtained through court actions and not bought by the government. They will be moved to this strategic reserve and stored for an indefinite period. After this announcement, Bitcoin’s price dropped by 5.7% as the market showed disappointment over the lack of a general buying policy for digital currencies.