Trump signs executive order to establish government bitcoin reserve
The Hindu
President Trump establishes U.S. government bitcoin reserve, signaling mainstream acceptance and potential impact on cryptocurrency market.
President Donald Trump signed an executive order on Thursday (March 7, 2025) establishing a government reserve of bitcoin, a key marker in the cryptocurrency's journey towards possible mainstream acceptance.
Under Mr. Trump's new order, the U.S. government will retain the estimated 200,000 bitcoin it's already seized in criminal and civil proceedings, according to Mr. Trump's “crypto czar” David Sacks.
Also Read | The five cryptocurrencies Trump wants the US to hold in reserve
“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called ‘digital gold,’” Mr. Sacks said on social media.
The executive order calls for a “full accounting” of the government's bitcoin holdings, which Sacks said have never been fully audited. He added that the U.S. government has previously sold off about 195,000 bitcoin over the last decade for $366 million. He said those bitcoins would be worth about $17 billion if the government hadn't sold them.
Mr. Sacks said the order allows for the Treasury and Commerce Departments “to develop budget-neutral strategies for acquiring additional bitcoin.”
Once a skeptic who said a few years ago that bitcoin “seems like a scam,” Mr. Trump has embraced digital currencies and leaned into his unofficial role as the “crypto President ” in ways that can both help the crypto industry and enrich himself and his family. Wealthy players in the crypto industry, who felt unfairly targeted by the Biden administration, spent heavily to help Mr. Trump win last year's election.
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