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White House crypto czar: Trump signs executive order to form a Strategic Bitcoin Reserve - CNN
By , CNN
New YorkCNN —
President Donald Trump established a Strategic Bitcoin Reserve through an executive order, according to an X post by David Sacks, the White House czar for AI and cryptocurrency.
Trump had posted on social media on Sunday that he would direct the government to stockpile bitcoin, ethereum and three other tokens, which prompted backlash from the crypto industry.
Sacks said the reserve would be “capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.” He said this would ensure the reserve could not carry a cost for taxpayers.
In addition, the executive order would direct a full accounting of the government’s digital assets holdings, which Sacks estimated includes about 200,000 bitcoin. The government will not sell any bitcoin in the reserve, he wrote, comparing it to “a digital Fort Knox.”
The executive order also created a US Digital Asset Stockpile, he wrote. “The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department.”
This is a developing story and will be updated.
