Bitcoin Tanks 4500 in 12 mins - why? (Patreon)

David Sacks and President Trump just signed an Executive Order creating a Strategic Bitcoin Reserve, utilizing Bitcoin seized by the federal government through criminal or civil asset forfeiture. This approach ensures no additional burden on taxpayers.

While the U.S. government is believed to hold approximately 200,000 bitcoins, an exact figure remains uncertain due to the absence of a comprehensive audit. The Executive Order mandates a thorough assessment of all digital assets owned by the federal government.

Bitcoin placed in the Reserve will not be sold but preserved as a long-term store of value, akin to a digital equivalent of Fort Knox for the cryptocurrency dubbed "digital gold." Past premature sales of bitcoin have resulted in over $17 billion in unrealized gains for U.S. taxpayers, a loss this Reserve aims to prevent by strategically managing these assets.

Arguably more important than the EO. States and other nation states are now more likely to enshrine BTC as a strategic asset now that the US has a national stockpile - Farrell

The Secretaries of Treasury and Commerce are tasked with devising budget-neutral plans to acquire additional bitcoin, ensuring no extra costs to taxpayers.

Net net this is great news... but market was hoping Trump would try buy 1M bitcoin which was never going to happen.