US To Conduct Full Audit Of Bitcoin Holdings Following Strategic Reserve Executive Order
The United States government is preparing to conduct a full review of its cryptocurrency holdings following the creation of a strategic Bitcoin (CRYPTO: BTC) reserve and a separate stockpile of other digital assets.
A senior White House official disclosed this ahead of a key industry summit, emphasizing that the audit will provide a clearer picture of how much cryptocurrency the government currently holds, according to Bloomberg.
What Happened: The newly-established reserve will be funded using bitcoin obtained through legal forfeitures, rather than taxpayer funds.
Alongside this, the government will maintain a separate stockpile of digital assets seized through similar proceedings.
While the Bitcoin reserve may be expanded over time, the stockpile of other digital currencies will not be actively increased beyond what has already been forfeited.
According to the official, the government once held approximately 400,000 Bitcoin, largely acquired after the shutdown of Silk Road, a well-known illicit online marketplace.
Over the years, about half …
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