President Donald Trump signed an executive order to establish a strategic bitcoin reserve, aiming to make America the “crypto capital of the world.” The order mandates that all federal agencies transfer their seized bitcoins to the Treasury Department. This move, along with looser crypto regulations, propelled bitcoin’s price to an all-time high of $109,000 in January. However, the announcement also confirmed that the US has no plans to buy more bitcoins currently, leading to a brief 5% drop in bitcoin’s price to $85,000. Currently, bitcoin’s price hovers around $90,500. Critics like Charles Edwards from Capriole Investments called the order “a pig in lipstick,” suggesting it’s merely a rebranding of existing bitcoin holdings. Andrew O’Neill from S&P Global Ratings noted the order’s symbolic significance but highlighted the lack of a timeline for future bitcoin acquisitions. The White House insists the reserve will harness digital assets for national prosperity.
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