Shafaq News/ Bitcoin fell more than 5% following reportsthat US President Donald Trump signed an executive order on Thursday toestablish a strategic reserve of the cryptocurrency.
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.
Sacks revealed in a post on X that over the past decade, thefederal government sold approximately 195,000 bitcoins for proceeds of $366million. If the government had held the bitcoin, it would be worth over $17billion today.
“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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