Key Points
Trump signs executive order creating Strategic Bitcoin Reserve
Federal government becomes largest Bitcoin holder
Directs agencies to explore crypto asset accumulation
Promises to make US global crypto leader
Addressing the Crypto Summit at the White House, Donald Trump heavily criticised former President Joe Biden's stringent actions against cryptocurrencies such as Bitcoin and expressed a more welcoming approach by his administration.
"My administration is working to end the federal bureaucracies' war on crypto which was really going pretty wildly during Biden until the election came about. 5 months before the elections he became a big fan because he heard how many people love it and respect it but i guess it didn't work out for him."
Speaking about the signing of the executive order to form a 'Strategic Bitcoin Reserve' on Thursday, Trump informed that the federal government is the "largest" holder of Bitcoin in the US.
"Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we're taking historic action to deliver on that promise. Yesterday, I signed an executive order officially creating our strategic Bitcoin reserve." The federal government is already amongst the largest holder of Bitcoin, one of the largest holders in the world. These existing holdings formed the foundation of the new reserve." Trump said.
Trump further called the Biden administration's decision to sell Bitcoins "foolish"
"Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional Bitcoin that was worth billions and billions of dollars had they not sold them, but they did sell them, mostly during the Biden administration," Trump said.
Trump said that he has directed the Treasury and Commerce Department to explore new pathways to accumulating Bitcoins without burdening taxpayers.
"The Treasury and Commerce Department will also explore new pathways to accumulate additional Bitcoin holding for the reserve provided its done at the no cost the tax payers. We don't want any cost to the taxpayers. In addition, my order directs federal agencies to conduct an inventory of all crypto assets currently held by the US government and determine how they can be transformed to the treasury." Trump said.
Along with Strategic Bitcoin Reserve, the executive order also created a US Digital Asset Stockpile under the Treasury Department to manage other coins and assets, CNN reported.
