According to David Sacks, the White House's cryptocurrencyadvisor, the executive order will create a strategic Bitcoin reserve managed bythe US government, marking significant support for the cryptocurrency industry.
“With a fixed supply of 21 million coins, there is astrategic advantage to being among the first nations to create a StrategicBitcoin Reserve,” the White House pointed out.
However, Bitcoin's price dropped as much as 5.7% followingthe announcement, as markets expressed disappointment over the lack of abroader government purchasing program for cryptocurrencies.
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