Update (March 6, 11:40 pm UTC): This piece has been revised to include an X post from Charles Gasparino and details regarding US government cryptocurrency holdings.
Update (March 7, 12:31 am UTC): US President Donald Trump has recently issued an executive order that forms a “Strategic Bitcoin Reserve” on March 7.
It is reported that US President Donald Trump is likely to issue an executive order for the creation of a Bitcoin reserve during the White House Crypto Summit occurring on March 7.
This reserve is anticipated to acquire additional Bitcoin (BTC), diverging from the current US strategy of retaining the BTC obtained through criminal forfeiture, as Bloomberg reported on March 6, citing knowledgeable sources.
Nevertheless, there exists a variety of options for several potential crypto-oriented executive actions currently under consideration. Trump might also declare that the US will cease disposing of crypto it has confiscated and instead use it to establish a national cryptocurrency reserve.
An additional proposed measure could potentially influence the taxation of cryptocurrencies, which may necessitate assessment and endorsement from Congress.
Trump’s conceivable actions remain under negotiation and might not materialize or could alter, as reported by Bloomberg.
In January, Trump issued an executive order establishing a task force led by White House AI and crypto advisor David Sacks to assess “the formation of a strategic national digital assets reserve.”
On March 2, Trump shared on his social media network Truth Social that the cryptocurrency reserve would encompass XRP (XRP), Solana (SOL) and Cardano (ADA). He subsequently stated that Ether (ETH) and Bitcoin (BTC) would be regarded as “the core” of the reserve.
In the meantime, Fox Business correspondent Charles Gasparino stated in a March 6 X post that his informants indicated the White House was preparing to further clarify the specifics of the cryptocurrency reserve shortly.
Related: Trump’s World Liberty purchased $20M worth of cryptocurrency prior to March 7 summit
“I suspect it will tackle the funding approach, that is, the possible impediment for acquiring digital tokens [with] taxpayer funds (which would necessitate congressional consent, something nearly unattainable),” Gasparino expressed.
Source: Charles Gasparino
Gasparino also mentioned that another potential approach for financing crypto acquisitions could be the use of Trump’s concept of a sovereign wealth fund, which he signed an executive order to investigate creating last month.
He remarked, as Bloomberg noted, that the White House could initially seek to finance the initiative with cryptocurrencies confiscated in criminal prosecutions.
The US government currently possesses approximately $18.28 billion in seized cryptocurrencies, with 198,109 BTC worth $17.87 billion constituting the majority of its assets, as per Arkham Intelligence.
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