Bitcoin Tumbles As Trump Executive Order For Strategic Bitcoin Reserve, Digital Asset Stockpile Underwhelms Investors
Bitcoin plunged 4% as an executive order signed by US President Donald Trump to set up a Strategic Bitcoin Reserve and a Digital Asset Stockpile underwhelmed investors ahead of the first White House crypto summit later today. The Strategic Bitcoin Reserve will consist of about 200,000 Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, said Trump ’s crypto and AI czar David Sacks in a March 7 post on X. The Digital Asset Stockpile will consist of cryptos other than Bitcoin that were forfeited in criminal or civil proceedings, and the government will not acquire additional assets for it beyond those obtained through forfeiture proceedings, Sacks added. “This is the most underwhelming and disappointing outcome we could have expected for this week,” said Charles Edwards, founder of digital asset hedge fund Capriole Investments, in a post on X. ”No active buying means this is just a fancy titl...