US President Donald Trump signed a decree to create a national reserve of bitcoin and other cryptocurrencies. The basis of this reserve will be the bitcoin confiscated by the government from court cases, the value of which is estimated at approximately $17 billion, informs The New York Times.
The document calls for federal agencies to develop “budget-neutral” strategies for acquiring additional bitcoin without using taxpayer funds. Since the start of Trump’s presidency, his administration has shown support for the crypto industry, including ending investigations and lawsuits against several major cryptocurrency companies.
Proponents believe that the creation of such a reserve can contribute to the reduction of the US national debt, which currently amounts to $36 trillion, as well as strengthen the country’s position in the crypto-economy. Instead, critics warn of the risks associated with the high volatility of cryptocurrencies and emphasize that the move benefits crypto investors the most.
In addition, Trump has his own interests in the field of cryptocurrencies. Last year, he founded the company World Liberty Financial, which issued the cryptocurrency WLFI, and on the eve of the inauguration, he launched his own memcoin. In addition to bitcoin, the president proposed to include such cryptocurrencies as Solana, Cardano, Ether and XRP in the reserve. At the same time, he clarified that the government will not buy these assets, but will only keep the confiscated coins.
