What to know:
- So, President Trump, in a move that’s either genius or just plain bizarre, has signed an executive order to create a strategic bitcoin reserve. You know, the kind that includes BTC seized by the U.S. government. Because why not? 🤷♂️
- Right now, the U.S. government is sitting on 198,000 bitcoins worth about $17.3 billion. This move is supposed to take over $17 billion in selling pressure off the market. Sounds like a plan, right? Or is it? 🤔
- Opinions are all over the place. Some folks think it’s just a symbolic gesture, while others are acting like it’s the best thing since sliced bread. 🍞
So, Trump signed this executive order on Thursday. It’s like he woke up and thought, “Let’s make bitcoin a thing!” But wait, it’s only the BTC that the government has seized. So, if you were hoping for a shopping spree, think again! 🛒
David Sacks, the White House crypto and AI czar (yes, that’s a title), said on X that this stockpile will also include other coins that were, let’s say, “forfeited” in various legal shenanigans. And don’t worry, no taxpayer money will be used to buy more BTC. Because that would be crazy, right? 😅
According to Arkham Intelligence, the U.S. government is holding onto those 198,000 bitcoins. Treating them as a reserve is supposed to ease the market. But guess what? Bitcoin still dropped to around $84,700. Investors are not thrilled about the lack of new BTC purchases. But hey, it bounced back to $87,600! Maybe they’re just playing hard to get? 😏
Here’s what the so-called market experts are saying about this whole strategic reserve thing.
Valentin Fournier, analyst at BRN
“The Executive Order has left some investors scratching their heads. It clearly states that the government won’t be buying more assets beyond what they’ve already seized. Confusion reigns, and Bitcoin, Ethereum, and Solana are down 4%. Thanks, Trump!”
“Commerce Secretary Howard Lutnick is tasked with creating a budget-neutral strategy for acquiring more Bitcoin. With his ties to MicroStrategy, this could mean the U.S. government is secretly hoarding BTC. Who knew they were such crypto enthusiasts? 📈”
Dick Lo, CEO of TDX Strategies
“People were expecting fireworks, but instead, they got a damp squib. The news is actually good, though. It’s unrealistic to think they’d buy more without a funding plan. And hey, at least they’re not buying altcoins! 🎉”
“We might see more positive news from the Crypto Summit. Fingers crossed for better tax treatment for crypto!”
Andrew O’Neill, Digital Assets Managing Director, S&P Global Ratings
“This executive order is mostly symbolic. It’s the first time bitcoin is recognized as a reserve asset. But it’s only the BTC the government already has. They’re not selling it, but they might buy more if it fits the budget. No timeline, no promises. Just a lot of waiting around.”
“And let’s not forget, bitcoin is in a different league than other digital assets. Those are going into a separate ‘stockpile.’ Sounds fancy, right? 🏦”
Jeff Anderson, head of Asia at STS Digital
“The market is adjusting now that the U.S. isn’t buying BTC actively. The BVIV is down 6 vol points this morning. It’s like a rollercoaster, but without the fun! 🎢”
This is a running list of comments from crypto market experts and will be updated regularly.
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2025-03-07 09:02