Omotayo Adigun
On Thursday, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve, legitimizing a currency formerly considered a tool for money laundering.
David Sacks, the White House’s crypto ‘czar’, announced that the U.S. government will establish a “digital Fort Knox” using seized digital currencies from criminal cases.
This initiative, fulfilling a Trump campaign promise, will be funded entirely by these seized assets, ensuring no taxpayer expense, as stated by Sacks on X.
READ ALSO: Release All Israeli Hostages Now or It’s Over — Trump Orders Hamas
The policy enables the Commerce and Treasury Secretaries to create “budget-neutral strategies” for expanding the digital reserve.
Following the announcement, Bitcoin prices dropped by up to five percent, reportedly due to the lack of immediate Bitcoin purchases in the program.