Former President Donald Trump has signed an executive order to establish a strategic reserve for Bitcoin and altcoins seized by government entities.
Sharp Decline in Bitcoin and Altcoins
Following Trump's executive order, Bitcoin and altcoins saw significant drops. Bitcoin fell by over 5%, reaching $85,470, while Ethereum (ETH) decreased by 6%, settling at $2,114. Altcoins like XRP, BNB, and Solana (SOL) also experienced declines, losing 2.42%, 2.58%, and 5.89% respectively.
Trump’s Executive Order on Crypto Reserves
According to the signed order, the U.S. government will store BTC and certain altcoins obtained from criminal and civil seizure operations in the proposed 'Digital Fort Knox,' aiming to hold them as long-term investments.
Long-term Cryptocurrency Storage Strategy
The order suggests finding ways to acquire more Bitcoin and altcoins without impacting the U.S. budget adversely. The Department of Treasury and Commerce are tasked with developing new strategies for purchasing cryptocurrencies.
Trump's executive order establishing a strategic cryptocurrency reserve has sparked mixed reactions, from market downtrends to discussions on long-term impacts.
