Industry observers have criticised President Donald Trump’s move to create official government cryptocurrency reserves in the United States.
He has issued an executive order establishing a Digital Asset Stockpile, which will include several digital currencies, and what he refers to as a Strategic Bitcoin Reserve.
Coins forfeited to the federal government as a result of criminal or civil procedures will be used to stock the funds.
The Kentucky military station that houses a sizable amount of US gold assets is compared to “a digital Fort Knox for the cryptocurrency” by White House AI and cryptocurrency tsar David Sacks.
However, some crypto enthusiasts have criticised the government for not being bolder, while others have raised question marks about the lack of transparency over the process.
Sacks has ordered a full accounting of the federal government’s existing crypto reserves, which he estimated at 200,000 Bitcoin alone. That’s worth $17.5bn (£13.6bn) at today’s prices.
Nonetheless, Charles Edwards of the Capriole Fund, a Bitcoin and digital assets hedge fund, called Thursday’s announcement “a pig in lipstick” in response to Sacks’ post on X.
