Key Takeaways
- US President Donald Trump signed an executive order to establish a strategic bitcoin reserve, capitalized with bitcoins seized as part of criminal or civil asset forfeiture proceedings.
- The reserve will not sell any bitcoin and will be kept as a store of value, with strategies developed to acquire additional bitcoin without incremental costs to taxpayers.
- A US Digital Asset Stockpile will also be created, consisting of digital assets other than bitcoin seized in criminal or civil proceedings.
Washington: US President Donald Trump has signed an executive order to establish a strategic bitcoin reserve, which will be capitalized with bitcoins seized as part of criminal or civil asset forfeiture proceedings, US AI and Crypto Czar David Sacks said on Friday.
“Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime,” Sacks said on X.
The US has approximately 200,000 bitcoins. However, a full audit has never been conducted. The executive order now requires a full accounting of the government’s digital assets.
“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value … The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers,” he said.
Sacks added that a US Digital Asset Stockpile, consisting of digital assets other than bitcoin seized in criminal or civil proceedings, will also be created.
