President Trump fulfilled a long-standing campaign promise by signing an executive order launching a strategic Bitcoin reserve in the United States.
The Executive Order was signed in the early hours of today, leading up to the much-anticipated crypto summit slated for today at the White House.
David Sacks, White House AI and Crypto Czar, reacted to the development, revealing that the Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.
This means that the newly proposed Bitcoin reserve will not cost it cost taxpayers a dime, Sacks confirmed.
The Crypto Czar also revealed that the United States will not sell any Bitcoin deposited into the reserve. The strategic Bitcoin reserve’s sole aim is to leverage Bitcoin as a store of value, similar to the Gold reserve in Fort Knox.
The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional Bitcoin, provided those strategies do not incur incremental costs to American taxpayers. Sacks added.
The strategic Bitcoin reserve is expected to act as a global catalyst, spurring other nations to establish their reserves.
No Acquisition of Additional Assets
The Crypto Czar confirmed that the United States would not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings.
At the time of the report, the United States was estimated to own about 200,000 Bitcoins. This number is an estimate, as there has never been a complete audit of the country’s digital asset holdings.
The E.O. directs a full accounting of the federal government’s digital asset holdings.
David Sacks ended his statement by thanking the key players who helped make the bitcoin stockpile a reality.
I want to thank the President for his leadership and vision in supporting this cutting-edge technology and for his rapid execution in supporting the digital asset industry. His administration is genuinely moving at “tech speed.” “Sacks said”
I also want to thank the President’s Working Group on Digital Asset Markets — especially Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick — for their help and support in getting this done. Finally, Bo Hines played a critical role as Executive Director of our Working Group. Sacks added
President Trump signed the executive order a few days after he announced the launch of a strategic crypto reserve featuring XRP, Cardano, and Solana.
Surpisingly, there was no mention of these Altcoins this morning during the signing of the executive order.
