President Donald Trump has signed an executive order to create a government reserve of bitcoin, marking a significant step towards mainstream acceptance of cryptocurrency. According to David Sacks, Trump’s “crypto czar,” the U.S. will retain approximately 200,000 bitcoin seized in various legal proceedings, saying: “The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value.” The order also mandates a comprehensive audit of the government’s bitcoin holdings, which have never been fully assessed. Trump, who has shifted from skepticism to support for digital currencies, is pushing for favorable legislation and plans to host a “Crypto Summit” at the White House. Bitcoin has a market cap of about $1.7trn and is seen as a hedge against inflation despite criticism regarding its inherent value.
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