On the 6th local time, David Sacks, the head of cryptocurrency affairs in the United States, posted on social media platforms that President Trump signed an executive order to establish a strategic Bitcoin reserve.
Sachs stated that the strategic reserve will be funded by approximately 200000 bitcoins owned by the federal government, which will be retained as a store of value, and the United States will not sell any bitcoins deposited into the reserve. In addition, this executive order also establishes the US Digital Asset Reserve, which includes digital assets other than Bitcoin confiscated in criminal or civil proceedings.
On that day, Bitcoin fell 5.2% to $84838.57.
As early as January this year, Trump signed an executive order to establish a working group dedicated to researching digital assets. Its main responsibilities include assessing the feasibility of establishing a national digital asset reserve and developing a clear regulatory framework for the cryptocurrency industry. On March 2nd, Trump posted on his social media platform, stating that he is considering including five cryptocurrencies - Bitcoin, Ethereum, Ripple, Solana, and Aida - in the United States' new cryptocurrency strategic reserve, with the aim of making the country the "world's cryptocurrency capital". As soon as the news was released, the value of the mentioned cryptocurrencies skyrocketed instantly, with the total cryptocurrency market increasing by about 10% within a few hours, and the global cryptocurrency market value increasing by about $300 billion.
Industry experts point out that the current Bitcoin market is in a tug of war between policy expectations and economic reality. On the one hand, Trump's virtual asset policy shift provides the possibility of long-term institutional support; On the other hand, the global economy is facing stagflation risks, trade tensions, and deteriorating international security situations, which have put short-term pressure on the price of Bitcoin.
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