Trump and the Strategic Bitcoin Reserve of the USA: the BTC as a ‘digital Fort Knox’

Yesterday, Donald Trump established a “Digital Fort Knox” by signing an executive order to set up the Strategic Bitcoin Reserve. For now, the reserve will include the 200,000 BTC obtained from confiscation proceedings. The bitcoins in the U.S. reserve will not be sold. The AI and Crypto Czar of the White House, David Sacks, commented on the event on X. 

Trump signs for the Strategic Bitcoin Reserve of the USA as a ‘digital Fort Knox’

Yesterday, the President of the USA Donald Trump signed an executive order to establish the Strategic Bitcoin Reserve. 

The Ai and Crypto Czar of the White House, David Sacks, commented on the incident on X, describing that the Bitcoin (BTC) in the reserve are owned by the federal government.

Such BTC had been confiscated as part of criminal or civil asset forfeiture proceedings and therefore are not a burden on U.S. taxpayers. Sacks states that the USA owns about 200,000 BTC, equivalent to about 18 billion dollars. 

The executive order signed by Trump requires a full accounting of the digital assets held by the federal government.

Not only that, another important factor characterizing this new Strategic Bitcoin Reserve of the USA is that the BTC will not be sold, but kept as a store of value. 

This is how Sacks writes:

“The United States will not sell the bitcoins deposited in the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the crypto often called “digital gold”.”

Trump and the Strategic Bitcoin Reserve as a “Digital Fort Knox” 

The Fort Knox is the famous bullion depository of the United States, which is said to hold millions of ounces of gold within its bomb-proof granite walls. It is a top-secret base of the US army, located in the heart of Kentucky, where the gold vault owned by the USA is said to be. 

And so, by calling Bitcoin as “digital gold”, the USA government is deciding to safeguard and store the country’s BTC reserve as a ‘digital Fort Knox’. 

In any case, beyond the Strategic Bitcoin Reserve, the executive order also establishes the Digital Asset Stockpile, consisting of digital assets other than bitcoin confiscated in criminal or civil proceedings. 

Here too, the government will not purchase additional assets for the Stockpile beyond those obtained through confiscation proceedings. The purpose of the Stockpile is the responsible management of the government’s digital assets by the Department of the Treasury. 

Sacks ends his post by congratulating the President for keeping the promise made regarding the USA’s bitcoin reserve and expresses confidence in his prediction to make the USA the crypto capital of the world. 

The Crypto Summit and the price of BTC

Just today, at the White House, the Crypto Summit is being held to discuss the strategic reserve of the USA. 

In these days, however, there has been much talk about the participants and the crypto involved. In fact, Trump had stated in a post on Truth that the crypto Ripple (XRP), Solana (SOL), and Cardano (ADA) would be involved, later adding also Bitcoin and Ethereum (ETH). 

Immediately after, a sort of controversy began over the exclusion of Charles Hoskinson, co-founder of Cardano, from the Crypto Summit, despite the inclusion of ADA.

In reality, it later emerged that like Hoskinson, there are other major figures in the crypto sector who are not present at the White House, including Vitalik Buterin of Ethereum and Anatoly Yakovenko of Solana. 

While waiting for further updates from the Crypto Summit, the establishment of the USA’s Strategic Bitcoin Reserve is already a reality. Nevertheless, the price of BTC remains still below the threshold of $90,000.