Bitcoin is flat even after Trump officially establishes U.S. bitcoin reserve
Cryptocurrencies held steady early Friday following a decline the previous day on news of a strategic bitcoin reserve and "digital asset stockpile" in the U.S.
Cryptocurrencies were little changed on Friday even after President Donald Trump signed an executive order creating a strategic bitcoin reserve for the United States.
The reserve will include coins already owned by the government, and the order did not specify a buying schedule or strategy for bitcoin, disappointing some in the market who'd hoped for a more aggressive plan.
The price of bitcoin was last hovering flat at $88,949.16, according to Coin Metrics. Shortly after the news of the bitcoin reserve broke Thursday night, it dropped about 5%.
Ether, XRP, Solana's SOL and Cardano's ADA, were also trading off their lows. Trump had previously named these tokens in a social media post teasing details of the "crypto reserve" on Sunday, but they were not specifically named in Thursday's executive order.
Bitcoin (BTC)
White House crypto and AI czar David Sacks detailed in a post on X that the bitcoin reserve will include coins already owned by the U.S. government that it seized from past law enforcement actions – a move, he emphasized, that will "not cost taxpayers a dime." The U.S. currently owns more than 198,000 bitcoins worth about $17 billion, according to Arkham.