President Trump signed an executive mandate on Thursday to create a national reserve of Bitcoin and other digital currencies, said one consultant, a bold idea that has been widely criticized as a plan to enrich encryption investors.
The base of the stock will be a Stash of Bitcoin, estimated to be worth up to $ 17 billion, that the United States has been occupied in legal affairs over the years, according to a summary of the community published by David Sacks, White House Crypto and Crypto.
The mandate also requires federal services to develop “neutral budget strategies” to buy more bitcoin, the most popular digital currency, since these markets do not create additional costs for taxpayers.
“This executive command underlines President Trump’s commitment to make the US the” cryptographic capital of the world, “Mr Sacks writes in place. He said the United States would not sell any bitcoin to the reserve, which was likened to the” Digital Fort Knox “.
Since Mr Trump took over in January, his administration has quickly moved to raise the encryption industry, a volatile sector that had federal regulatory authorities for years. The Securities and Exchange Commission has reduced lawsuits against two of the largest US encryption companies and has stopped investigations into several others. And on Friday, Mr. Trump is scheduled to host encryption strains in the White House for a first-rate “Crypto Summit”.
Mr Trump has a personal share of the success of encryption, creating conflicts of interests that have raised alarms with government experts. Last year, a business, World Liberty Financial, launched a encryption called WLFI. A few days before its inauguration, he also started selling a so-called memecoin-a type of encryption associated with an online joke or celebrity figure.
The White House did not immediately respond to a request for comments.
The concept of a reserve of US encryption won the attraction last year, as Mr Trump embraced the industry on the campaign trail. Supporters claimed that an investment in Bitcoin would help the government chip get away from the national debt of $ 36 trillion and to ensure that the United States remained dominant in a hypothetical future, where the global economy is running.
However, the skeptics said the plan seemed calculated to enrich encryption executives who had already possessed large quantities of bitcoin by raising the price of the symbolic. They claimed that it was dangerous to link the economic future of the nation to an extremely unstable asset.
At a conference in Nashville in July, Mr Trump gave a speech to a multitude of enthusiastic bitcoin and pledged to create a national reserve. He doubled in this promise last weekend, posting on social media that he intended to create a reserve consisting of bitcoin and other lesser -known cryptocurrencies, such as Solana, Cardano, Ether and XRP.
This plan has been criticized by some encryption executives, who claimed that the only asset in a national reserve should be Bitcoin, the most valuable encryption on the market.
At the summary of the executive order, Mr Sacks wrote that the government would create a separate stock of digital assets except Bitcoin. But he said that Stash would include only coins acquired in criminal or political seizures and that the government would not move to buy any cryptocurrencies other than bitcoin.
The Crypto Investors celebrated the social media announcement, calling on the “historic day” and a “massive victory” for the country.
“With the maintenance of Bitcoin and other digital assets in the long run, the White House adopts a future approach,” said Nathan McCauley, CEO of Anchorage Cryptographic Digital. “Wait that this move will overthrow the adoption of encryption between more governments and institutions.”
