The Trump administration is reportedly looking into buying Bitcoin, according to White House advisor David Sacks. This comes after a new executive order, which outlines two separate initiatives involving cryptocurrency.
Two Bitcoin Initiatives
The order establishes a “strategic reserve” of Bitcoin, using approximately 200,000 Bitcoins already seized by the government. This reserve will focus solely on Bitcoin, considered the most valuable digital asset.
Separately, a “stockpile” of various cryptocurrencies will be created, also using previously seized assets. This stockpile will include cryptocurrencies beyond Bitcoin.
Government to Explore Bitcoin Purchases
Importantly, the executive order also authorizes Treasury Secretary Bessent and Commerce Secretary Lutnick to explore ways to acquire more Bitcoin without increasing taxpayer costs. This means the government is actively looking at strategies to purchase Bitcoin on the open market.
Market Reaction
News of the executive order caused a temporary dip in Bitcoin’s price, falling from around $90,251 to a low of $85,091 before recovering slightly.
Disclaimer: This information is for general knowledge only and should not be considered investment advice. Always conduct your own research before making any investment decisions.
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