Donald Trump Signs Order to Create a Strategic Bitcoin Reserve

President Donald Trump signed an executive order on Thursday to establish a Strategic Bitcoin Reserve and a stockpile of other digital assets, just ahead of a crypto summit at the White House.

The order tasks the Treasury Department with creating an office to manage the reserve, which will be funded with Bitcoin acquired by the government through criminal or civil asset forfeiture.

The order emphasizes, “Bitcoin is the original cryptocurrency, and with its fixed supply, there is a strategic advantage in being among the first nations to create a strategic Bitcoin reserve.”

In addition to creating the Bitcoin Reserve, the order established a US Digital Asset Stockpile under the Treasury Department to manage other coins and assets.

Earlier, Trump announced on social media plans to direct the government to stockpile Bitcoin, Ethereum, and three other tokens, a move that received some criticism from the crypto industry.

The executive order also calls for a comprehensive inventory of the government’s digital asset holdings.