On March 6th local time, David Sacks, the US Cryptocurrency Affairs official, posted on social media platforms that US President Trump signed an executive order that day to establish a strategic BTC reserve.

The strategic reserve will be capitalized with approximately 200,000 BTC owned by the federal government, which were confiscated in criminal or civil asset forfeiture proceedings, and the United States will not sell any of the BTC deposited into the reserve. In addition, the executive order also establishes the U.S. Digital Asset Reserve, which includes digital assets confiscated in criminal or civil litigation, in addition to BTC.

Crypto Assets Tsar David Sacks appointed by Trump added that the US Treasury Secretary and Commerce Secretary also have the authority to develop budget-neutral strategies to acquire more BTC, provided that these strategies do not add to the burden on American taxpayers.

This news triggered fluctuations in the BTC market. On Thursday night Eastern Time, the price of BTC fell by 5% to the $85,000 range, before slowly recovering. One important reason for the dissatisfaction with the BTC strategic reserve is that the BTC in this reserve will be entirely composed of BTC seized by the U.S. government in criminal and civil cases, which means the U.S. government will not purchase any additional BTC.

According to Arkham Intelligence, the United States currently holds approximately $17 billion worth of BTC, but this figure has not yet been audited by the US government.

As early as January this year, Trump signed an executive order to establish a working group specifically for researching digital assets, with its main responsibilities including evaluating the feasibility of establishing a national digital asset reserve and formulating a clear and specific encryption industry regulatory framework. On March 2, Trump mentioned that the Cryptocurrency reserve to be established will include BTC, Ethereum, Ripple, Solana, and Cardano. However, in this newly signed executive order, there is no detailed explanation for Ethereum, Ripple, Solana, and Cardano, which also led to a brief round of digital currency sell-off in the market.

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