President Trump recently signed an executive order to establish a national stockpile of Bitcoin and other digital currencies. This plan has drawn criticism for potentially benefiting crypto investors more than the general public.
The foundation of this stockpile includes Bitcoin that the U.S. has collected through legal seizures, valued at around $17 billion. The executive order also instructs federal agencies to formulate strategies to acquire more Bitcoin, as long as these purchases don’t add to taxpayers’ costs.
David Sacks, the White House’s crypto and A.I. policy advisor, stated that this order reflects Trump’s aim to position the U.S. as the “crypto capital of the world.” He described the reserve as “a digital Fort Knox,” emphasizing that the U.S. government has no plans to sell off any of the Bitcoin in this reserve.
Since taking office, Trump’s administration has really ramped up its support for the crypto industry, which has faced regulatory challenges for years. The Securities and Exchange Commission has even dropped lawsuits against two major U.S. crypto firms and ceased investigations into others. This week, Trump is set to host a “crypto summit” with industry leaders at the White House—a first in its kind.
Trump has a personal interest in the crypto market, raising ethical concerns. He launched a business called World Liberty Financial last year, which offers its own cryptocurrency, WLFI. In addition, he promoted a memecoin shortly before he took office, which is a type of cryptocurrency often associated with internet memes or pop culture.
The move to create a national stockpile of Bitcoin could reshape the future of digital currencies in the U.S. as it signals a shift towards greater acceptance and institutional involvement in the crypto space.
Check out this related article: How the Dismantling of the Education Department Could Impact Trillions in Student Debt: What You Need to Know
Source linkVirtual Currency,United States Politics and Government,Bitcoin (Currency),Executive Orders and Memorandums,National Debt (US),World Liberty Financial,Trump, Donald J,Sacks, David O
