Trump-Announced Strategic Bitcoin Reserve To Allow Buying Additional BTC? Peter Schiff Doesn’t Think So But Here’s What The Order Says
President Donald Trump’s executive order establishing a Strategic Bitcoin (CRYPTO: BTC) Reserve did not have the expected bullish impact on Thursday, as the leading cryptocurrency dropped on the announcement.
What happened: The reserve will be capitalized with Bitcoin already owned by the federal government, obtained through forfeiture proceedings, valued at approximately $17 billion. Additionally, a U.S. Digital Asset Stockpile would be set up, consisting of cryptocurrencies other than Bitcoin. Both entities will be under the control of the Treasury Department, the order read.
The order directed all federal agencies to provide a full accounting of all assets held in their possession to the Treasury Secretary President’s Working Group on Digital Asset Markets within the next 30 days
While the government won’t sell any BTC, it will also not buy any new Bitcoin unless it can do so in a “budget-neutral” way and without imposing incremental costs on American taxpayers.
Noted economist and Bitcoin critic Peter Schiff interpreted it as simply seizing more Bitcoin and adding them to the reserve.
“But they can’t buy any more, as buying by …
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