We're working to end war on crypto which was going wildly under Joe Biden: Donald Trump
Trump has decided to create a Strategic Bitcoin Reserve, which will hold bitcoin that was forfeited as part of criminal or civil asset forfeiture proceedings.
US President Donald Trump said his government is working to end the “war on cryptocurrency”. He was addressing the Crypto Summit at the White House when he criticised former US President Joe Biden's stance towards cryptocurrency.
“My administration is working to end the federal bureaucracies' war on crypto, which was really going pretty wildly during Biden until the election came about,” Trump said.
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He added that Biden's stance on crypto changed five months before the elections, when he “became a big fan because he heard how many people love it and respect it”. “But I guess it did not work out for him,” he said further.
He called Biden administration's decision to sell bitcoins “foolish”.
Speaking about the executive order he signed to create a ‘Strategic Bitcoin Reserve’ with the Treasury Department-owned bitcoin, Trump said the federal government is the “largest” holder of bitcoin in the US.
“Last year, I promised to make America the bitcoin superpower of the world and the crypto capital of the planet, and we are taking historic action to deliver on that promise. Yesterday, I signed an executive order officially creating our strategic bitcoin reserve,” he said.
“The Treasury and Commerce Department will also explore new pathways to accumulate additional bitcoin holdings for the reserve provided it is done at no cost to taxpayers,” Trump noted.
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The Strategic Bitcoin Reserve's creation means the US will not sell bitcoin and will maintain it as a store of reserve assets.
Trump's executive order was also regarding the creation of a US Digital Asset Stockpile consisting of digital assets other than bitcoin owned by Treasury Department. Assets part of the stockpile can be sold by the government.
