Trump Signs Order Creating Strategic Bitcoin Reserve, Digital Asset Stockpile

President Donald Trump signed an executive order on March 6, creating a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.

“Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value,” he said. ”Now the federal government will have a strategy to maximize the value of its holdings.”

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World,” he said. ”We are making America great again!”

The president signed the executive order the night before he is set to host the White House crypto summit, during which he is expected to share his plans to build the strategic reserve.

“The president definitely thinks that there’s a Bitcoin strategic reserve,” Lutnick said. “Now, there will be the question of, how do we handle the other cryptocurrencies. And I think the model is going to be announced on [March 7] when we do that.

“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently. Positively, but differently.”

Some disagree with diversifying a crypto reserve beyond Bitcoin.

Bitcoin critic and gold advocate Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, said he thinks it would only make sense to have a bitcoin reserve.

The news of Trump’s crypto plans spiked the market value of the ones mentioned, with the total crypto market increasing by about $300 billion, according to CoinMarketCap data.

Individually, ADA surged more than 60 percent, XRP advanced by 33 percent, and SOL increased by 25 percent. Bitcoin and ETH rose 10 percent and 13 percent, respectively.