On Thursday evening, President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve and the US Digital Asset Stockpile.
White House AI and Crypto czar David Sacks said that the reserve "will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime."
The executive order directs a full accounting of the federal government’s digital assets, Sacks said, with the government owning an estimated 200,000 bitcoin. However, he said, "there has never been a complete audit."
"The US will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called 'digital gold,’" he added.
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