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Trump just made an executive order to build a strategic Bitcoin reserve, basically a digital Fort Knox, using the Bitcoin the feds already confiscated from criminals, right before an important crypto summit at the White House.
Billionaire and White House crypto czar David O. Sacks broke the news on X, adding that the reserve will also hold Ethereum, Ripple, Solana Labs, and Cardano. The government won’t sell its reserves, aiming to maximize value instead, though no one has mentioned exactly how.
While crypto fans see this as a win for taxpayers, banking on price growth, the critics are not thrilled, calling it a glorified rebranding of existing holdings. Hedge fund manager Charles Edwards called it “a pig in lipstick.” Bitcoin tanked 5% after the announcement later bouncing back above $88K.
The move also raises flags regardinb conflict-of-interest as Trump’s family dabbles in meme coins, and he’s got ties to a crypto platform. His team unconvincingly insists he’s stepped back from business. Meanwhile, his order tells Treasury and Commerce to find ways to buy more Bitcoin without spending extra taxpayer cash. Sacks claims bad timing on past sales has already cost taxpayers $17 billion although his source for that figure remains a mystery.
