Trump Signs Executive Order to Build Bitcoin Reserve

President Donald Trump signed an executive order Thursday to establish a U.S. bitcoin reserve and a digital asset stockpile for non-bitcoin tokens, ahead of the first-ever White House crypto summit on Friday. But crypto prices dropped following the announcement, because the stockpile will only involve the government maintaining existing crypto holdings, not buying large amounts of new crypto.

Under the order, the U.S. will keep bitcoins it has already acquired through forfeitures in criminal or civil proceedings and develop strategies for acquiring additional bitcoin without imposing costs on taxpayers. The order also says the government will not acquire additional non-bitcoin tokens, other than those already gained through government seizures.

Bitcoin fell as much as 5.7% after the executive order, before paring some losses to trade at $89,749 Friday morning. Ether, XRP, solana, cardano also fell.