Trump’s Bitcoin Reserve Disappoints Market, Weighs on Crypto
- Crypto czar Sacks first announced cryptocurrency plans on X
- US won’t use taxpayer money to fund strategic BTC reserve
This article is for subscribers only.
A simmering tension in the crypto industry resurfaced after President Donald Trump signed a long-awaited order creating a strategic Bitcoin reserve and an additional stockpile of other digital assets.
Even as crypto executives issued effusive social media posts praising the move, Bitcoin fell as much as 5.7%. The largest digital asset later pared losses to about 3%, trading at $87,125 as of 12 p.m. in New York.