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Trump signs order to establish strategic bitcoin reserve

Economic Times

Economic Times · 5m ago

Trump signs order to establish strategic bitcoin reserve

U.S. President Donald Trump signed an executive order to establish a strategic bitcoin reserve using bitcoin from criminal or civil forfeitures. The planned reserve will include five digital assets: bitcoin, ether, XRP, solana, and cardano. While proponents see potential taxpayer benefits from crypto's price growth, the move has drawn criticism regarding potential conflicts of interest, given Trump's family's involvement in cryptocurrency ventures. Concerns also arise over favoring an already affluent crypto industry.

Related News

Bitcoin sinks after Trump’s executive order disappoints market

Economic Times

Economic Times · 5m ago

Bitcoin sinks after Trump’s executive order disappoints market

US President Donald Trump signed an executive order to create a strategic Bitcoin reserve and a stockpile of other digital assets. The reserve will use Bitcoin already owned by the federal government through forfeiture in criminal or civil proceedings, without taxpayer funds. The order lets the Treasury and Commerce Departments develop strategies for more Bitcoin, with no extra taxpayer costs. Bitcoin fell 4%, with other tokens like XRP and Ether also declining.

The Inside Story of Eric Trump’s American Bitcoin

Wired · 28d ago

The Inside Story of Eric Trump’s American Bitcoin

Eric Trump co-founded American Bitcoin (ABTC) with Hut 8, leveraging the Trump name for influence in the crypto mining industry. Launching in April, ABTC is 80% owned by Hut 8, with the Trump family owning 20%. Eric serves as a cofounder and chief strategy officer, aiming to capitalize on his family's connections and story. ABTC plans to scale rapidly, benefiting from Hut 8’s infrastructure while aiming to build a robust strategic bitcoin reserve.

Explainer: How would a US crypto strategic reserve work?

Economic Times

Economic Times · 5m ago

Explainer: How would a US crypto strategic reserve work?

The concept of a US cryptocurrency strategic reserve envisions a stockpile of digital assets like bitcoin and ethereum, as well as smaller tokens, for economic security and market stability. President Trump mentioned the potential reserve, derived partly from government-seized cryptocurrencies, and included various tokens to diversify it. Proponents suggest such a reserve could strengthen the US dollar, reduce the deficit, and counter China's influence, while skeptics highlight risks like volatility and cyber vulnerabilities.

Donald Trump unveils US crypto reserve plan, triggering market volatility

Economic Times

Economic Times · 5m ago

Donald Trump unveils US crypto reserve plan, triggering market volatility

US President Donald Trump announced plans for a US strategic cryptocurrency reserve, including bitcoin, ether, XRP, solana, and cardano. This announcement led to significant market volatility, with bitcoin and ether surging by 11% and 13%, respectively. The total cryptocurrency market capitalization increased by over $300 billion. The move suggests a pro-crypto regulatory framework under Trump's administration, while market optimism grows as the US Securities and Exchange Commission adopts a more lenient approach toward platforms like Coinbase.

Trump names cryptocurrencies to be in strategic reserve; prices spike

Economic Times

Economic Times · 5m ago

Trump names cryptocurrencies to be in strategic reserve; prices spike

U.S. President Donald Trump announced three cryptocurrencies, XRP, SOL, and ADA, to be part of a new U.S. crypto strategic reserve, leading to a significant price spike for these assets. His executive order aims to position the U.S. as the global crypto capital. Despite prior regulatory crackdowns, Trump's move aligns with gaining crypto industry support for his 2024 election bid, although details on implementing the reserve remain unclear.

Now a believer, Trump hosts White House crypto summit

Economic Times

Economic Times · 5m ago

Now a believer, Trump hosts White House crypto summit

Donald Trump hosted a cryptocurrency summit at the White House, aiming to boost legitimacy for the industry and gather feedback from key players like Cameron and Tyler Winklevoss, Brian Armstrong, and Michael Saylor. This move aligns with Trump’s financial ties to crypto and his campaign promise to bolster the sector by establishing a Strategic Bitcoin Reserve. Critics remain skeptical, seeing cryptocurrencies as speculative assets, but Trump's administration has begun removing regulatory hurdles.

Strive Raises $750M, Eyes $1.5B for Bitcoin Treasury and Asset Entities Merger, Targets $7.9B Mt. Gox Claims | DeepNewz VC

Business Bytes

Business Bytes · 3m ago

Strive Raises $750M, Eyes $1.5B for Bitcoin Treasury and Asset Entities Merger, Targets $7.9B Mt. Gox Claims | DeepNewz VC

Vivek Ramaswamy’s company, Strive, has successfully raised $750 million with plans to establish a Bitcoin treasury. The strategy involves purchasing claims from Mt. Gox and implementing alpha strategies aimed at outperforming Bitcoin ($BTC). This initiative marks a significant move in leveraging Bitcoin as a strategic asset while exploring further opportunities in the cryptocurrency space.

Bitcoin falters as optimism wanes on Donald Trump's crypto reserve plan

Economic Times

Economic Times · 5m ago

Bitcoin falters as optimism wanes on Donald Trump's crypto reserve plan

Bitcoin initially surged following U.S. President Donald Trump's proposal for a national strategic cryptocurrency reserve, but investor optimism waned as they awaited further details. The value of Bitcoin and other digital currencies initially rose, but later declined significantly. Market reactions were mixed, with concerns about regulatory implications and potential taxpayer funding. Critics, including major investors and the Winklevoss twins, warned about the strategic reserve's impact, questioning the value of including various cryptocurrencies beyond Bitcoin.

Trump's Crypto Embrace Could Be a Disaster for Bitcoin

Wired · 1y ago

Trump's Crypto Embrace Could Be a Disaster for Bitcoin

The alliance between former President Donald Trump and the crypto world seems unlikely, considering his past skepticism and lack of understanding about cryptocurrencies. However, at the Bitcoin 2024 conference, Trump claimed credit for bitcoin's rise and promised to make the US the "crypto capital of the planet." His proposals, such as creating a bitcoin reserve and pardoning Silk Road owner Ross Ulbricht, go against the fundamental principles of decentralization and government non-interference that the blockchain represents. The crypto community's support for Trump may be misguided, as his regulatory approach could ultimately harm the industry's long-term stability.

JD Vance says US should use bitcoin as an advantage in rivalry with China

Economic Times

Economic Times · 3m ago

JD Vance says US should use bitcoin as an advantage in rivalry with China

JD Vance advocates for the U.S. to leverage Bitcoin to gain a strategic advantage over China, which bans crypto trading and mining. He suggests China's opposition to Bitcoin should prompt the U.S. to embrace it. Vance praises former President Trump's efforts to enhance America's crypto policies, including creating a Bitcoin reserve. The U.S. has seen increased crypto interest, with Congress working on regulatory frameworks, amid significant lobbying from the crypto industry.

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