President Trump has signed an executive order to create a national stockpile of Bitcoin and other digital currencies, with an estimated value of $17 billion. The order, aimed at making the U.S. the ‘crypto capital of the world,’ will not sell any Bitcoin and calls for federal agencies to develop strategies to purchase more digital currencies without incurring additional costs for taxpayers. The move comes after the administration’s efforts to elevate the crypto industry, dropping lawsuits and investigations into major crypto companies and hosting a ‘crypto summit’ at the White House.
Critics have raised concerns about conflicts of interest, as Trump personally owns a cryptocurrency business and has ties to the industry. The plan for a U.S. crypto reserve was proposed to help reduce the national debt and maintain dominance in a potential crypto-based global economy. However, skeptics argue that it could benefit wealthy crypto executives and expose the economy to the volatility of digital assets.
The order includes the creation of a separate stockpile of digital assets acquired through seizures, but will only buy Bitcoin. Despite mixed reactions, crypto investors have hailed the move as historic and expect it to drive adoption among governments and institutions. The executive order underscores Trump’s vision for the U.S. to become a leader in the crypto space, despite concerns about potential risks and conflicts of interest.
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