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Sacks says the Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited
The Trump administration is planning to capitalize a new Bitcoin Reserve with digital assets forfeited by the federal government in criminal or civil asset forfeiture proceedings, according to an administration official.
The administration official, speaking on the condition of anonymity, said the move is part of the administration's broader strategy to manage the government's digital assets.
The E.O. directs a full accounting of the federal government’s digital asset holdings.
The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold.”
Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings.
The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.
Trump has signed an EA to create a Bitcoin Reserve, Source X
IN ADDITION, said Sacks, the Executive Order establishes a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings.
The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings.
The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department.
More details will be announced at tomorrow’s White House Crypto Summit.
The price of Bitcoin dropped 2% minutes after the announcement, Source: Bitcoin Liquid Index
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