Trump Signs Order Setting Up Bitcoin 'Fort Knox' and Digital Assets Stockpile
The U.S. president directed his administration to establish a bitcoin reserve to hold assets the U.S. has seized, and it's setting up a separate crypto stockpile.
President Donald Trump has directed his administration to establish a Bitcoin Strategic Reserve to hold the assets that have been seized by the government, and he's additionally called for a crypto stockpile of other types of assets.
At this point, all of the assets contemplated by the order would be those seized in civil or criminal forfeitures. The bitcoin will be stored for long-term value in what was termed a "digital Fort Knox."
"The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings," said David Sacks, Trump's crypto czar, in a statement posted on social media site X.
In a video showing the president signing the order, Trump says about establishing the reserve, "Made the promise, right?"
The order has also nudged government officials to seek ways to add more bitcoin to the reserve, as long as it doesn't harm the federal budget.
"The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers," Sacks said.
