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President Trump Signs Executive Order Creating Strategic Bitcoin Reserve – Why is BTC Price Collapsing?
US President Donald Trump just signed an executive order setting up a strategic Bitcoin reserve, a historic moment for the world’s oldest and largest crypto, though the immediate market reaction has been to send the BTC price tumbling lower.
The BTC price was last trading around $87,000, down 3% so far on Friday, with the market seemingly disappointed by the strategic Bitcoin reserve announcement.
Per a tweet from White House crypto and AI czar David Sacks, the reserve will initially be capitalized by Bitcoin already owned by the federal government, estimated at around 200,000 coins.
Sacks noted the Secretaries of Treasury and Commerce have also been authorized to develop budget-neutral strategies for acquiring new Bitcoin.
And here may lie the market’s initial disappointment – perhaps some traders had been betting the executive order would come alongside pledges to top up the strategic Bitcoin reserve with more BTC.
Various analysts had been hyping up the prospect of the reserve adding new demand to the market this week.
These include the CIO of Bitwise Matt Hougan, who had hyped up the idea of the reserve being “larger than people think”.
If the market continues to interpret the strategic Bitcoin reserve announcement as underwhelming, that could open the door for the BTC price to “catch up” to this week’s downbeat performance in the US stock market.