"The US 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.'"
On Thursday evening, President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve and the US Digital Asset Stockpile.
White House AI and Crypto czar David Sacks said that 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."
The executive order directs a full accounting of the federal government’s digital assets, Sacks said, with the government owning an estimated 200,000 bitcoin. However, he said, "there has never been a complete audit."
"The US 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,'" he added. The US Digital Asset Stockpile will consist of "digital assets other than bitcoin forfeited in criminal or civil proceedings."
On Friday, Trump will host the first White House cryptocurrency summit. The White House stated, "President Trump will host and deliver remarks at the first ever White House Crypto Summit on Friday, March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President's Working Group on Digital Assets."
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