US President Donald Trump announced an executive order on 6 March to set up a strategic Bitcoin reserve.
This order ensures that confiscated bitcoin is kept in a national reserve and will not be sold. Instead, it would function as a store of value, related to a ‘digital fort KNOX’.
The directive assigns Treasury Secretary Scott Bessent and trade secretary Howard Lutnick to the responsibility of formulating budget-neutral strategies to expand the Bitcoin reserves of the country without taxpayers.
The announcement led to considerable discussion and excitement within the crypto community. CryptoSlate has compiled how key figures within the industry responded to the milestone below
Industry leaders respond
Bitcoin Bull and the chairman of Strategy (formerly Micro Strategy) Michael Saylor welcomed the move and described Bitcoin’s strategic reserve as a step towards the American dominance in the digital economy.
He added:
“The US now have the world’s largest strategic bitcoin reserve.”
Senator Cynthia Lummis praised the decision and called it a fulfillment of the promises of Trump and a demonstration of his dedication to Bitcoin.
She stated:
“We become the Bitcoin and Digital Asset Capital of the World. America is back in no time. “
Coinbase CEO Brian Armstrong called the order a milestone decision for both Bitcoin and the wider crypto market. He predicted that G20 countries would notice and eventually follow the American lead.
Armstrong said:
“Incredible execution of the Trump administration and a historic moment for Bitcoin and Crypto! I expect that many of the G20 notice and ultimately follow the leadership of America. “
Bitwise Cio Matt Hougan emphasized various important implications of the decision. He pointed out that it considerably lowers the risk of a future bitcoin ban in the US and increases the chance that other countries will establish their own Bitcoin reserves.
Hougan also noted that this movement could accelerate the approval of Bitcoin worldwide, because countries can act quickly to build their participations before further American acquisitions stimulate demand.
He Closed:
“I’m not sure what the market will think about this short term. I am sure that this is extraordinary bullish for Bitcoin in the long term. “
Meanwhile, Crypto analyst Kanazawa sketched Potential ways for the US to expand its Bitcoin reserves without extra taxpayers.
His suggestions include the seizure of assets through judicial resources, re -assigning gold reserves, the reduction of other tax income and the use of unused computing power or energy sources for bitcoin -mining.
