Bitcoin's value fell approximately 6% following President Trump's executive order establishing a Bitcoin strategic reserve, which lacked any commitment for government purchases. The order, detailed by crypto advisor David Sacks, said the reserve would be funded by forfeited digital assets, ensuring no taxpayer costs. Although the U.S. government reportedly owns a significant amount of Bitcoin, the announcement did not include plans for active acquisitions, leading to disappointment in the crypto market. Some industry experts criticized the plan as underwhelming and potentially detrimental to future market stability.
President Trump's executive order to establish a Bitcoin strategic reserve disappointed crypto investors, causing Bitcoin's value to drop by 6% immediately after the news.
David Sacks mentioned that the Strategic Bitcoin Reserve would not incur any costs to taxpayers, instead using assets forfeited in criminal or civil proceedings.
Market reactions to the executive order were tepid, with experts expressing disappointment over the lack of proactive government purchasing of cryptocurrencies.
Shayan Salehi highlighted that the announcement could 'unleash a bear market' due to the absence of a clear plan for further government investment in Bitcoin.
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