- No, the US government will not buy bitcoins to add to the reserve
- The same applies to Altcoins, because Sacks claims that the “Reserve does not cost taxpayers a dime”
- The order authorizes the treasury to plan extra Bitcoin purchases, but not altcoins
The President of the United States – Donald Trump has officially taken the first step in creating a strategic crypto reserve. The announcement was made by David Sacks-Witte House-appointed ‘Crypto Czar’-today on X. It stated that President Trump signed an executive order to create a strategic Bitcoin reserve.
It stated“
“Only a few minutes ago, President Trump signed an executive order to set up a strategic Bitcoin reserve. The reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of the procedures for criminal or civil assets. This means that the taxpayers do not cost a dime. ”
The US is not Bitcoin Bullish like El Salvador
In a non -bullish it stated that the United States would not buy Bitcoin (BTC) or other cryptocurrencies. However, the reserve will consist of cryptocurrencies confiscated or forfeited in civil or criminal procedures.
This step is in direct contradiction with the majority of the market, where many expect the United States to follow the footsteps of El Salvador. The country has actively purchased Bitcoins in recent years, with its strategic reserve now having more than 6,102 BTCs.
Although the order does not give us the green light to buy Bitcoin, it does give the treasury the approval to “develop budget -neutral strategies for acquiring extra bitcoin”. These strategies are subject to the wearing of “no incremental costs for American taxpayers.” The crypto -tsaar said,
“Early sale of Bitcoin has already cost American taxpayers more than $ 17 billion in lost value. Now the federal government will have a strategy to maximize the value of its participations. “
Bitcoin and Altcoins are not the same!
In addition, Sacks also revealed the American digital assets stock, which would consist of altcoins. The president had previously announced that the Cryptocurrencies reserve such as XRP, Cardano (ADA), Ethereum (ETH) and Solana (SOL) would include. This too would consist of cryptocurrencies “forfeited in criminal and civil procedures”.
Although the order gives the Treasury De Greenlight to look at different strategies to acquire BTCs, the same does not stand for other cryptocurrencies. President Trump has crushed any ideas about acquiring Altcoins, as the announcement has read,
“The government will not acquire additional assets for the stock that go beyond it obtained through forfeiture procedures. The aim of the stock is responsible steward of the government’s digital assets under the Ministry of Finance. “
Bitcoin and Altcoins bleed as a result
The news of the US government that does not exist a dime about adding cryptocurrencies seems to have introduced a bearish sentiment on the market.
According to Coinmarketcap, Bitcoin’s 1-hour graph has seen its value by more than 4%since the announcement was made. At the time of the press, the currency was traded at $ 86,185 with a market capitalization of $ 1.7 trillion. The 24-hour graph paints a similar image as the graph of 1 hour, with the 7-day graph show no enormous impact.
Source: Trade reproduction
In the meantime, XRP and Cardano (ADA) have seen a decrease of 6.20% and 6.57% respectively. Although they are painted in the hourly table in the hour and day graph, the coins still keep green candles in the 7 days. Whether they will continue to hold the position, despite the last update, from now on remains unclear.
