David Sacks: Trump Has Signed an Executive Order to Establish a Strategic Bitcoin Reserve

On March 7th, David Sacks, the White House AI and Cryptocurrency Czar, posted on social media, stating, "Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve will be funded with the Bitcoin owned by the federal government as part of criminal or civil asset forfeiture procedures. This indicates that it will not use a single penny of taxpayer funds." It is estimated that the U.S. government holds approximately 200,000 bitcoins; however, a full audit has never been carried out. The executive order demands a comprehensive accounting of the federal government's digital asset holdings. The U.S. will not sell any of the bitcoins deposited into the reserve. They will be held as a store of value. For the cryptocurrency commonly known as "digital gold," the reserve is similar to a digital Fort Knox. In addition, the executive order also establishes the U.S. Digital Asset Reserve, which includes digital assets other than Bitcoin seized in criminal or civil litigation. Apart from assets obtained through forfeiture procedures, the government will not acquire other assets for the reserve. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury Department.