Donald Trump has signed an executive order allowing the United States to hold Bitcoin (BTC) reserves. Bitcoin is now recognized as an official asset for the U.S., similar to gold and silver.
U.S. President Donald Trump has signed a long-awaited decision, making Bitcoin (BTC) an official reserve asset for the U.S. government. This means that Bitcoin will now be classified alongside precious metals such as gold and silver.
The U.S. Treasury and Commerce Departments Can Now Buy BTC
With the executive order signed by Donald Trump, the U.S. Treasury Department and Department of Commerce will now be able to develop strategies to purchase BTC. The only requirement is that U.S. taxpayers will not bear any additional financial burden.
The U.S. Government Sees Strategic Advantages in BTC Reserves
The executive order also outlines the reasons behind the decision. It highlights that Bitcoin has a fixed supply and that creating a Bitcoin reserve could provide strategic advantages for the U.S. government. However, according to the government, there is no existing policy that fully maximizes Bitcoin’s strategic position as a unique asset.
BTC Price Drops Despite the Announcement
Despite this historic decision, the announcement has not had a positive impact on BTC’s price. As of the time this article was written, BTC was trading at $88,300, down 4.7% in the last 24 hours. This decline has also affected altcoins, including Ethereum (ETH), which has experienced a price drop.
Disclaimer:
This content does not constitute investment advice. Cryptocurrencies are high-risk investment assets, and you should make your own decisions without being influenced by others.
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