Trump Signs Executive Order to Create US Bitcoin Reserve, Crypto Prices Drop:

A post by the White House's crypto czar David Sacks states that US President Donald Trump has signed an executive order ‘establishing’ a stockpile of Bitcoin along with other digital assets.

Sacks further stated that investing taxpayer money into acquiring cryptocurrency would not happen, explaining the decline in value of Bitcoin and other tokens.

According to Sacks, the US Bitcoin reserve will be Startax capitalized with Bitcoins already owned by the federal government which were previously forfeited and the government will not sell the cryptocurrency placed in the reserve. The post explained the order permits the secretaries of commerce and treasury to devise “budget-neutral strategies” for acquiring additional Bitcoin which American taxpayers will not be charged for.

Sacks noted that the name of the executive order adds another stockpile which is to contain other digital assets besides Bitcoin.

“The government will not seek to acquire beyond what they already obtained through forfeiture proceedings,” Sacks stated in the post, putting the speculation regarding government purchasing crypto it to rest.

At 8:10PM in New York last Thursday, Bitcoin fell roughly 4% and traded at about $86,000. The other four tokens Trump stated he wanted to incorporate in the US reserve, XRP, Ether SOL and ADA, also dropped by at least 3.5%.