On March 7, US President Donald Trump signed a decree about the creation of strategic crypto reserve. It will consist of bitcoins confiscated in criminal and civil proceedings. According to preliminary estimates, the US government owns about 200 thousand bitcoins, but a full audit has never been conducted. About reported crypto-king David Sacks.
According to him, the premature sale of bitcoins cost American taxpayers more than $17 billion in losses (the same amount the sold assets would cost today). Now the federal government will have a strategy to increase the value of assets. Earlier, Sachs said that over the past 10 years, the US government has sold 195,000 BTC for $366 million.
The document also envisages the creation of a US digital asset fund that includes cryptocurrency projects based in the US. A few days ago, Trump said that the list will definitely include XRP, Ethereum (ETH), Solana (SOL), and Cardano (ADA). No additional taxpayer funds will be used to acquire these assets, either, so this is a confiscation.
In response to Trump’s executive order, the cryptocurrency market was again stormed. The price of bitcoin initially dropped by 6.6% and then stabilized around $89 thousand. Ethereum (ETH) fell by 4.5% to $2,194, while ADA and SOL dropped by 7.8% and 5.6%, trading at $0.87 and $143, respectively. XRP also fell by 3.4% to $2.52.
This market reaction is due to the realization that the reserve will not lead to large-scale government purchases of cryptocurrencies. In addition, on March 7, the White House will host the first
Crypto Summit will be held in the White House. It will be headed by crypto king David Sacks. The event will bring together industry leaders to discuss the future of digital assets in the US. We wonder if it will be the same kitsch, like during Cryptoball?
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