Will trump make America great with the empire of Bitcoin?
US President donald trump signed an executive order on Thursday, under which America's first strategic bitcoin reserve will be created. This decision has come just a day before the meeting with officials of cryptocurrency companies at the White House. This reserve will include those bitcoins, which the US government has acquired under criminal and civil asset seizure. This will not cost the government extra and there will be no burden on taxpayers.
America has a treasure of bitcoin
According to a Mint report, the US government has about 200,000 bitcoins, worth about $ 16.4 billion. Apart from this, the government also has other wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital tokens worth $ 400 million. All these assets have been acquired through seizure in criminal and civil cases. Under Trump's order, now full accounting of these wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets will be done and they will be included in the strategic reserve.
What is Strategic Bitcoin Reserve?
Strategic reserve is the reserve that governments keep ready to deal with any serious situation in the supply of vital resources. On the same lines, the US government has decided to create this reserve by recognizing bitcoin as a strategic asset. The seized bitcoin will be stocked in it and it can be released in the market when needed.
wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital asset stockpile will also be ready
Trump's order also talks about creating a "US wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Asset Stockpile". Apart from bitcoin, it will also include other wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets like Ether, XRP, Solana and Cardano. However, the government will acquire them only through seizure and taxpayers' money will not be used to buy them. Also, special strategies will also be formulated to maximize the value of this fund.
Bitcoin prices fall
However, since this order of trump, the price of bitcoin has been falling. On Friday, the price of bitcoin fell by more than 5 percent and reached the level of $ 88,201.88. Apart from this, the prices of other wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital tokens like Ether, XRP, Cardano and Solana also saw a decline of up to 5 percent.
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