- President Trump confirmed the first U.S. Strategic Bitcoin Reserve, funded by forfeited BTC, marking a major step toward legitimizing cryptocurrencies as part of national strategy
- Despite the announcement, Bitcoin prices dipped, reflecting the market’s lukewarm reaction to the news from the White House Crypto Summit
- No mention of a 0% crypto tax exemption, leaving the community disappointed as it could have boosted Bitcoin’s value and aligned with the new reserve’s goals
Despite the confirmation of the first United States Strategic Bitcoin Reserve by President Donald Trump and Crypto Czar David Sacks, Bitcoin—the world’s largest cryptocurrency—has yet to react favorably to the news.
Earlier today, President Trump signed an executive order permitting the U.S. Government to launch a crypto stockpile, using digital assets as reserve assets to hedge against traditional market volatility and strengthen financial security.
The move was widely anticipated by the cryptocurrency community, as it marks the first significant step toward legitimizing cryptocurrencies as part of national strategy.
According to a White House briefing, the Strategic Bitcoin Reserve will be capitalized with the BTC in possession of the Department of Treasury. The money used to fund this reserve will come from forfeited Bitcoins acquired from criminal or civil proceedings.
You can read a comprehensive breakdown of the Bitcoin Reserve announcement here.
No Crypto Tax Exemption Mentioned
During today’s Crypto Summit, President Donald Trump did not mention anything related to a potential 0% capital gains tax on Bitcoin and other cryptocurrencies.
Initially reported by popular crypto social media figure “AshCrypto”, the community was eagerly expecting the announcement throughout the day.
On paper, the move makes sense as it would help enhance the value of Bitcoin—which would also greatly benefit the new U.S. Bitcoin Reserve worth almost $18 billion. However, the crypto tax exemption would also clash with one of the biggest priorities of the current Trump administration: cutting costs.
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