BusinessPostCorner.com
No Result
View All Result
Thursday, July 3, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Why did Trump just order US to set up a crypto stockpile

March 7, 2025
in Business
Reading Time: 2 mins read
A A
0
Why did Trump just order US to set up a crypto stockpile
ShareShareShareShareShare

President Donald Trump has signed an executive order to establish a strategic reserve for Bitcoin, making the US one of the few countries in the world to create a national stockpile of blockchain assets.

The reserve will hold cryptocurrency forfeited to the federal government as part of criminal or civil proceedings, White House AI and crypto tsar David Sacks said in a post on X.

The US will not sell any Bitcoin deposited in the reserve, said Sacks, and will instead keep it as an asset.

Trump – who just four years ago said Bitcoin “seems like a scam” – now says he plans to make the US “the Crypto Capital of the World”.

Further details are expected when the president is due to host the first crypto summit at the White House on Friday.

It is unclear whether the planned reserve could face legal hurdles, or if it might require an act of Congress.

Sacks said the stockpile would serve as “a digital Fort Knox for the cryptocurrency”, drawing comparison to a Kentucky military base that stores a significant portion of US gold assets.

Trump’s order also creates a digital assets stockpile for cryptocurrencies other than Bitcoin that have been forfeited.

It directs a full accounting of the federal government’s crypto reserves, which Sacks said are estimated at 200,000 Bitcoin alone. That’s worth $17.5bn (£13.6bn) at today’s prices.

It was unclear how the new stockpile would benefit Americans, but Sacks said it “will not cost taxpayers a dime”.

His implication that the US government would not buy Bitcoin led prices of the world’s largest cryptocurrency to fall by more than 5%.

Some countries maintain strategic reserves of national assets to diversify government holdings and hedge against financial risk.

The US also keeps a petroleum reserve. Canada has a maple syrup reserve.

Earlier this week, Trump revealed the names of five cryptocurrencies that he said he would like included in the strategic reserve.

The market prices of the five coins he named – Bitcoin, Ethereum, XRP, Solana and Cardano – swiftly jumped after that announcement.

Trump aggressively courted the crypto community during his presidential campaign. Former US President Joe Biden led a crackdown on crypto, citing concerns about fraud.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Boots owner bought by private equity firm in $10bn deal

Next Post

Board directors are targets for hackers, says Cisco exec

Next Post
Board directors are targets for hackers, says Cisco exec

Board directors are targets for hackers, says Cisco exec

Donald Trump threatens to raise tariffs again on Japan

Donald Trump threatens to raise tariffs again on Japan

July 1, 2025
ASIC Targets ASX: 4M Blockchain Disaster Sparks Expert Panel Probe

ASIC Targets ASX: $164M Blockchain Disaster Sparks Expert Panel Probe

June 26, 2025
Trump’s tax bill passes Senate as Republicans notch major win

Trump’s tax bill passes Senate as Republicans notch major win

July 1, 2025
Ethereum Snaps 0 Higher; Bulls Eye .6K Breakout on Institutional Inflows

Ethereum Snaps $200 Higher; Bulls Eye $2.6K Breakout on Institutional Inflows

July 2, 2025
Lifetime ISAs leave some with less money than they put in, MPs warn

Lifetime ISAs leave some with less money than they put in, MPs warn

June 29, 2025
UK bonds fall sharply on doubts over Rachel Reeves’ future after tearful PMQs

UK bonds fall sharply on doubts over Rachel Reeves’ future after tearful PMQs

July 2, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Brussels to seek more joint debt in EU budget plan

Brussels to seek more joint debt in EU budget plan

July 3, 2025
40+ Fake Firefox Wallet Extensions Are Stealing Your Crypto, Koi Security Warns

40+ Fake Firefox Wallet Extensions Are Stealing Your Crypto, Koi Security Warns

July 3, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!