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bitcoin fell 4% as an executive order signed by the president of the United States, Donald Trump, to establish a strategic bitcoin reserve and a reserve of digital assets disappointed investors before the first summit of the White House crypto later today.
The bitcoin strategic reserve will consist of approximately 200,000 bitcoin owned by the federal government that was lost as part of the sexhes of criminal or civil assets, Trump said, Trump saidcrypto and ai ai Czar David Sacks on March 7 <a target="_blank" href="https://x.com/davidsacks47/status/1897802280738734236″>mail In x.
The reserve of digital assets will consist of other bitcoin crypts that were lost in criminal or civil procedures, and he The Government will not acquire additional assets for it beyond those obtained through the confiscation procedures, added Sacks.
“This is the most disappointing and disappointing result that we could have expected for this week,” said Charles Edwards, founder of Digital Asset Access Fund Capriole Investments, in a publication on x. “Without any active purchase it means that this is only an elegant title for bitcoin Holdings that already existed with the government. This is a pig in lipstick.”
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.8813559322034″>
This is the most disappointing and disappointing result that we could have expected during this week. But it is also not surprising. It seems that there is no tangible BSR in 2025. Without active purchase it means that this is only an elegant title for bitcoin holdings that already existed with the government. This is a pig in … https://t.co/kbxukd83g8
– Charles Edwards (@Caprioleio) <a target="_blank" href="https://twitter.com/caprioleio/status/1897806192053043216?ref_src=twsrc%5Etfw”>March 7, 2025
Us to create a fort digital Knox
The government will seek to create “neutral budget” strategies that can be used to acquire more bitcoin without any incremental cost for US taxpayers, Sacks said.
He added that the btc strategic bitcoin The reserve will not be sold, with the United States with the aim of creating a “Fort Digital Knox”.
Sacks criticized previous governments for selling bitcoin seized.
“bitcoin's premature sales have already cost the taxpayers of the United States more than $ 17 billion in lost value,” he said.
crypto Market falls as Sacks says There are no close purchases for Bitcoins strategic reserve
bitcoin fell almost 5% to less than $ 85,000 in the minutes after the Executive Order and ethereum (eth), XRP, Cardano (ADA) and Solana (Sun) all collapsed.
bitcoin has reduced losses and <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/”>It quotes $ 88,029.94 From 1:25 am Est, according to Coinmarketcap.
The general capitalization of the cryptography market has collapsed almost 3.4% in the last 24 hours to $ 2.89 trillions.
Sacks said like Part of Trump's executive order, the first complete audit of federal government digital assets will be held.
Trump's executive order was signed before the first crypto summit of the White House later today. It brings together more than two dozen heavyweights of the cryptographic industry, including bitcoin Maxi Michael Saylor and the CEO of Coinbase Brian Armstrong, to discuss the path to follow for the industry.
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