Establishing a strategic bitcoin reserve and digital asset stockpile`
President Donald J. Trump issued an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, positioning the United States as a premier country in government digital asset strategy.
The Order creates a Strategic Bitcoin Reserve to maintain bitcoin as a reserve asset. The Strategic Bitcoin Reserve will be capitalised with bitcoin possessed by the Department of Treasury that was forfeited through criminal or civil asset forfeiture proceedings. Other agencies will examine their legal authority to transfer any bitcoin in the possession of their agencies to the Strategic Bitcoin Reserve.
The United States shall not sell bitcoin deposited into this Strategic Bitcoin Reserve, which shall be reserved as an asset store. The Secretaries of Treasury and Commerce can develop budget-neutral proposals to buy more bitcoin, if the proposals impose no further expense on American taxpayers. It also established a U.S. Digital Asset Stockpile, which consists of digital assets other than bitcoin held by the Department of Treasury that were forfeited in criminal or civil asset forfeiture proceedings.
Agencies shall provide a full accounting of digital asset holdings to the President’s Working Group on Digital Asset Markets and the Secretary of the Treasury. This order ensures a strategic approach to addressing digital assets governed by the U.S.
Bitcoin in the US. Source Google images
This limited supply means it is wise for countries to be among the first to create a Strategic Bitcoin Reserve. The U.S. owns a substantial amount of Bitcoin but hasn’t fully leveraged it as a unique value store in the global financial system. Early sales of Bitcoin have already cost American taxpayers over $17 billion.
A new Executive Order is working to improve the disorganized way the government handles cryptocurrencies taken from people. These digital assets are spread out across multiple Federal agencies, and there isn’t a clear management plan. This lack of a defined policy results in no accountability and insufficient efforts to centralize, secure, or enhance their value.
President Donald Trump. Source Google images
Making good on his vow to turn America into the world’s crypto hub
President Trump keeps his word to establish the United States as the top player in digital currency. Trump has always supported a progressive stance on crypto, saying, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry. Our country must be the leader in the field.”
Trump pledged to set up a Strategic Bitcoin Reserve and a Digital Assets Stockpile. Trump was named a “crypto czar” and held the first crypto summit at the White House. These are just a few ways this administration strongly supports this digital asset.
