President Trump signed an executive order aiming to create a national stockpile of Bitcoin and other digital currencies, using seized assets estimated at $17 billion. White House crypto czar David Sacks revealed details of the order, emphasizing the U.S.’s goal to become the ‘crypto capital of the world.’ The order directs federal agencies to develop strategies to buy more Bitcoin without additional costs to taxpayers.
Since Trump took office, his administration has supported the crypto industry by dropping lawsuits and investigations against major U.S. crypto companies. The President is scheduled to host a crypto summit at the White House, but his personal business ties to the industry have raised ethics concerns. The order plans to create a reserve containing Bitcoin and other cryptocurrencies like Solana and Cardano, acquired through legal cases.
Critics argue that the plan may benefit wealthy crypto investors and link the U.S. economy to a volatile asset. However, supporters believe it could help reduce the national debt and maintain dominance in a crypto-driven future economy. The White House has not responded to requests for comment on the executive order.
Crypto investors have welcomed the announcement, describing it as a ‘historic day’ and a ‘massive win’ for the country. They believe that holding digital assets long-term will encourage more governments and institutions to adopt cryptocurrencies. The plan has been met with both skepticism and praise within the crypto community but marks a significant step towards establishing a national stockpile of Bitcoin.
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