2025-03-07T11:56:51+00:00
Shafaq News/ Bitcoin fell more than 5% following reports that US President Donald Trump signed an executive order on Thursday to establish a strategic reserve of the cryptocurrency.
According to David Sacks, the White House's cryptocurrency advisor, the executive order will create a strategic Bitcoin reserve managed by the US government, marking significant support for the cryptocurrency industry.
Sacks revealed in a post on X that over the past decade, the federal government sold approximately 195,000 bitcoins for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today.
“With a fixed supply of 21 million coins, there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve,” the [White House](https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/#:~:text=Bitcoin%2C%20the%20original%20cryptocurrency%2C%20is,create%20a%20Strategic%20Bitcoin%20Reserve.) pointed out.
However, Bitcoin's price dropped as much as 5.7% following the announcement, as markets expressed disappointment over the lack of a broader government purchasing program for cryptocurrencies.