Trump orders creation of US government bitcoin reserve

Post by: Pratik Kumar

Photo : Reuters

Former U.S. President Donald Trump signed a new order on Thursday to create a government Bitcoin reserve. This is a big step for the U.S. as Bitcoin is becoming more popular and is seen as a strong asset like gold.

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Under this order, the U.S. government will keep around 200,000 bitcoins that were taken in different criminal and civil cases over the years. Trump’s "crypto leader" David Sacks said the government will not sell these bitcoins. Instead, they will be stored safely, just like how gold is kept in Fort Knox.

The order also asks for a full check of how much Bitcoin the government has. Sacks said that nobody has ever done a proper count of these Bitcoin holdings before. He also said that in the last 10 years, the government sold about 195,000 bitcoins for only $366 million. If they had not sold them, those bitcoins would be worth nearly $17 billion today. Trump’s new plan also allows government departments to find ways to buy more Bitcoin without extra cost to taxpayers.

Trump was once against Bitcoin. He even called it a "scam" and said it was not real money. But now, he supports Bitcoin and wants the U.S. to use it as a strong financial tool. Many rich investors in the crypto world are happy about this because they felt the Biden government was too strict on digital money.

During his election campaign, Trump had promised to create a Bitcoin reserve. Along with this, he is also asking Congress to pass new laws that will help crypto businesses. Since Trump returned, some government agencies have stopped legal actions against big crypto companies. To show his strong support, Trump is hosting a "Crypto Summit" at the White House on Friday. Many important people in the crypto industry will join this event.

Bitcoin was made in 2008 as a new type of money that does not need banks or governments. There will only ever be 21 million bitcoins in the world, which is why people believe it is valuable and can protect against money losing its worth over time. Some people say Bitcoin has no real use, but its price keeps going up, proving them wrong. Some experts believe that if the U.S. keeps collecting Bitcoin, it could even help reduce the country’s huge debt.

Bitcoin prices jumped when Trump won the election last year. In December, Bitcoin’s price hit $100,000 for the first time, and Trump proudly posted "YOU’RE WELCOME!!!" on social media. But after the announcement of the Bitcoin reserve, the price stayed around $86,000 without big changes.

Trump’s new order is a major moment in the history of Bitcoin. Some people think this is a smart move for the future, while others are not sure if it will help in the long run. Only time will tell how this decision will shape the future of Bitcoin and the U.S. economy.

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