- A White House official has said Trump created a strategic reserve exclusively for Bitcoin because Bitcoin is like no other coin and belongs to its league
- The United States already has a large stockpile of 200,000 Bitcoin
- The US will not sell any Bitcoin deposited into the Strategic Bitcoin Reserve. Rather, it be kept securely as a store of value
The administration of President Donald Trump of the United States will hold the first-ever White House crypto summit on Friday, March 7. At the summit, Trump is expected to unveil a strategic crypto reserve for the country and make public how the reserve will be managed.
Recall that on Sunday, March 3, Trump named on his Truth Social platform five digital assets he expects to include in a new US crypto reserve, which spiked the market value of each of the tokens. Trump had signed an executive order paving the way for that reserve.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the crypto capital of the world,” Trump posted.
The revelation elicited a lot of reaction in the crypto industry, including from Federico Brokate, head of U.S. business at 21Shares, who said via Reuters that the “move signals a shift toward active participation in the crypto economy by the U.S. government.” Brokate added, “It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation.”
What you should know about US crypto reserve
Here are 4 things you should know about the new US crypto reserve.
1. Bitcoin may be treated specially
Reports have it that the US crypto reserve will be dominated by Bitcoin, despite Trump’s announcement that it would include Ethereum (ETH), Solana (SOL), XRP (XRP), and Cardano (ADA). Decrypt has also quoted a senior White House official who said Trump has created a strategic reserve exclusively for Bitcoin because Bitcoin is like no other coin and belongs to its league.
“Bitcoin is special in our view,” the senior White House official was quoted as saying. “It’s the most secure. It’s the most decentralized. It doesn’t have an issuer. So it deserves special treatment.”
2. US has a stockpile of 200,000 Bitcoins
As the summit gears up to begin, the United States already has a large stockpile of 200,000 Bitcoin, which is worth over $7 billion at the current $87,067 market price of Bitcoin. Most of the Bitcoins were obtained from criminal and civil asset forfeitures.
3. US will not sell its Bitcoin
The executive order establishing the reserve states that the US will not sell any Bitcoin deposited into the Strategic Bitcoin Reserve. Rather, it will be kept securely as a store of value.
4. Reserve to be funded via seizures
The US digital asset stockpile will not be sold but will be constantly funded. However, the US may not buy digital assets to fund it but will rely on future seizures to do so.
7 persons sentenced to 76 years in prison for stealing £100,000 in crypto
Meanwhile, TheRadar earlier reported that seven people have been sentenced to a combined 76 years in prison for assault, kidnapping and stealing some £100,000 in cryptocurrency from a single victim. A Manchester Crown court in the United Kingdom found them guilty and sentenced them.
The criminals started targeting the victim in January 2023. According to the police, on December 2, 2023, they received an anonymous call reporting concerns for welfare at a flat in Irlam.
