Following the decision to create a ‘Strategic Bitcoin Reserve’, United States President Donald Trump declared his commitment to ending the government’s “war on crypto.” Speaking at the Crypto Summit at the White House, Trump strongly criticized former President Joe Biden for imposing strict regulations on Bitcoin and other cryptocurrencies. He emphasized that his administration would adopt a more crypto-friendly approach, positioning the U.S. as a leader in digital assets.
“Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise. Yesterday, I signed an executive order officially creating our Strategic Bitcoin Reserve,” Trump declared.
Trump Slams Biden for Selling Bitcoin
The former president also criticized the Biden administration for selling off tens of thousands of Bitcoin, which he called a “foolish” decision that cost the country billions of dollars.
“In recent years, the U.S. government has foolishly sold additional Bitcoin that was worth billions, mostly during the Biden administration,” Trump said.
New Pathways to Grow Bitcoin Holdings
As part of the new initiative, Trump has directed the Treasury and Commerce Department to explore ways of accumulating more Bitcoin without burdening U.S. taxpayers.
“The Treasury and Commerce Department will explore new pathways to accumulate additional Bitcoin for the reserve, provided it’s done at no cost to taxpayers,” Trump emphasized. “Additionally, my order directs federal agencies to conduct an inventory of all crypto assets currently held by the U.S. government and determine how they can be transformed into Treasury assets.”
US Digital Asset Stockpile Introduced
The executive order also establishes a U.S. Digital Asset Stockpile under the Treasury Department to manage other cryptocurrencies and digital assets, according to CNN.