President Trump signed an executive order creating a national stockpile of Bitcoin and other digital currencies, based on a stash of Bitcoin seized in legal cases. The order aims to make the U.S. the ‘crypto capital of the world’. The administration has rapidly elevated the crypto industry, with the SEC dropping lawsuits against major companies and halting investigations. The President has personal stakes in the industry, raising ethics concerns.
The plan for a U.S. crypto reserve has been controversial, with supporters arguing it could help reduce the national debt and keep the U.S. dominant in a crypto-based economy. Critics see it as a scheme to enrich existing crypto investors and a risky move tying the nation’s economic future to a volatile asset.
President Trump’s promise to create a national stockpile was reiterated at a recent conference, drawing both support and criticism from the crypto community. The executive order specifies that only Bitcoin acquired in criminal or civil seizures will be included in the stockpile, with other digital assets excluded.
Crypto investors have welcomed the move, seeing it as a step forward for the industry. The announcement has been called a ‘historic day’ and a ‘massive win’ for the country, with expectations that it will encourage more governments and institutions to adopt cryptocurrencies. The White House believes that holding Bitcoin and other digital assets for the long term is a forward-thinking approach that will drive crypto adoption.
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