Bitcoin plunges as Trump’s strategic reserve fails to impress markets
Al Jazeera
Cryptocurrency falls as much as 6 percent as lack of plans for government purchases disappoints investors.
United States President Donald Trump’s executive order to establish a Bitcoin strategic reserve and a stockpile of other digital assets has failed to impress crypto markets, with Bitcoin’s value plummeting following the announcement.
Bitcoin fell as much as 6 percent following Trump’s order on Thursday, which did not include plans for the government to actively buy Bitcoin.
After dropping as low as $84,900, the cryptocurrency was trading at about $87,700 as of 05:00 GMT.
In a statement announcing the order, Trump’s crypto tsar David Sacks said the “Strategic Bitcoin Reserve” and “Digital Asset Stockpile” would be capitalised with assets forfeited in criminal or civil proceedings.
“This means it will not cost taxpayers a dime,” Sacks said on X.
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