The White House said Thursday it will establish a strategic reserve of Bitcoin and ordered the Secretary of Treasury to establish a new government office to oversee the digital assets.
The White House noted that US government agencies already hold Bitcoin, often forfeited as parts of criminal or civil proceedings, and ordered such funds to review such assets and transfer them to the Strategic Bitcoin Reserve to be held as reserve assets.
The Trump administration also ordered the Treasury Department and the Secretary of Commerce to "develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs" on taxpayers.
Bitcoin prices were down 2.2% to $89,400 over the last 24 hours.
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