Trump Declares End to ‘War on Crypto,’ Establishes Strategic Bitcoin Reserve
Washington DC (US), March 8: U.S. President Donald Trump has vowed to end what he calls the federal government’s “war on crypto,” following the signing of an executive order to establish a Strategic Bitcoin Reserve. Speaking at the Crypto Summit at the White House, Trump criticized the Biden administration’s stance on cryptocurrency and outlined his administration’s vision to make America the global leader in digital assets.
During his address, Trump accused former President Joe Biden of stifling the cryptocurrency industry with excessive regulations until election season approached.
“My administration is working to end the federal bureaucracies’ war on crypto, which was really going pretty wildly during Biden’s time—until the election came about. Five months before the election, he suddenly became a big fan, because he heard how many people love and respect it, but I guess it didn’t work out for him,” Trump stated.
Trump confirmed that his administration has moved forward with plans to create a federal Bitcoin reserve, making the U.S. one of the largest holders of Bitcoin globally.
“Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise. Yesterday, I signed an executive order officially creating our Strategic Bitcoin Reserve. The federal government is already one of the largest Bitcoin holders in the world. These existing holdings will form the foundation of the new reserve,” Trump declared.
Trump also criticized the previous administration’s decision to sell off significant portions of the government’s Bitcoin holdings.
“Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of Bitcoin that could have been worth billions and billions of dollars had they not been sold—mostly during the Biden administration,” he said.
In an effort to ensure the new Bitcoin reserve does not burden taxpayers, Trump instructed the Treasury and Commerce Departments to explore alternative ways to accumulate Bitcoin holdings.
“The Treasury and Commerce Departments will also explore new pathways to accumulate additional Bitcoin holdings for the reserve—provided it’s done at no cost to taxpayers. We don’t want any cost to taxpayers,” he asserted.
Additionally, his executive order establishes a U.S. Digital Asset Stockpile, managed under the Treasury Department to oversee other cryptocurrencies and digital assets held by the government, according to CNN.
With the establishment of the Strategic Bitcoin Reserve, Trump aims to position the United States as the dominant force in the global cryptocurrency industry. His administration’s pivot towards digital assets signals a dramatic shift in U.S. policy, one that could shape the future of finance and blockchain technology on a global scale.
Tags: cryptocurrency, Bitcoin, Trump administration, U.S. economy, digital assets, blockchain, crypto regulation, White House, Treasury Department, economic policy
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