US President Donald Trump has signed an executive order to create a strategic Bitcoin reserve, which would be initially funded with assets seized by the government, says the White House AI and crypto czar David Sacks.
“Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve,” Sacks said in a March 7 X post.
”The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime,” he added.
Additionally, the order also established a “U.S. Digital Asset Stockpile,” which Sacks said consisted of digital assets other than forfeited Bitcoin.
Bloomberg had earlier reported that Trump was expected to sign an executive order establishing a Bitcoin reserve during the crypto summit, with one option that included seeding it with government-seized crypto.
Sacks said the reserve was “a digital Fort Knox for the cryptocurrency,” and the US wouldn’t sell any Bitcoin put in the reserve.