U.S. President Donald Trump signed an executive order Thursday creating a Strategic Bitcoin Reserve, marking a significant endorsement of a digital currency once dismissed as a tool for illicit finance.
The reserve, described by supporters as a “digital Fort Knox,” will consist of Bitcoin seized in U.S. criminal cases, according to David Sacks, the White House’s cryptocurrency policy chief. In a social media post, Sacks emphasized that the move fulfills a key Trump campaign promise.
“These assets mean it won’t cost taxpayers a dime,” Sacks wrote on X, adding that the Treasury Department will oversee the responsible management of the government’s digital holdings.
A photo of President Trump signing executive orders in the Oval Office on March 6, 2025, in Washington, D.C., was widely circulated following the announcement.
The executive order also authorizes the Commerce and Treasury Departments to explore budget-neutral strategies for expanding the reserve, Sacks noted.
Despite the announcement, Bitcoin prices fell by as much as five percent, seemingly due to disappointment that the policy does not include immediate government purchases of the cryptocurrency.
The decision comes just ahead of a White House summit Friday with major cryptocurrency figures—many of whom were key donors to Trump’s 2024 presidential campaign. Crypto advocates played a major role in that election, mobilizing against the Biden administration’s skepticism toward digital assets and helping Republicans secure crucial Senate victories.
For proponents, cryptocurrency represents a financial revolution—one that reduces reliance on centralized institutions and offers individuals greater financial autonomy.
Trump himself has embraced the space, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January—mirroring a move by his wife, Melania. These ventures have sparked conflict-of-interest accusations.
Democratic Senator Chris Murphy of Connecticut has been among Trump’s fiercest critics on the issue, warning of potential corruption.
“It’s as if Trump is posting his Venmo or Cash App handle and inviting corporations and foreign governments to send him cash in secret,” Murphy said in a video on X, calling Trump’s crypto dealings “a pure grift.”