Crypto currency drops as much as 6 percent as much as the lack of plans for buying a government disappointing investors.
The executive command of the United States, Donald Trump, to establish a strategic reserve Bitcoin inventory of the second digital property, failed to impress the crypto market, and the value of Bitcoin fell after the announcement.
Bitcoin fell 6 percent after Trump’s command on Thursday, which did not include plans for the Government to actively buy Bitcoin.
After falling to a low of $ 84,900, the Crypto currency traded at about $ 87,700 from 05:00 GMT.
In a statement that announced the order, Trump’s cryptocurrency Tsar David Sacks said that “Strategic Bitcoin reserve” and “digital supply of assets” would be capitalized with assets confiscated in criminal or civil proceedings.
“This means that it will not cost taxpayers,” Sacks said on X.
“It is estimated that the US government has about 200,000 bitcoins; However, there was never a complete audit. Eo (executive order) directs the complete accounting of the digital assets of the Federal Government. “
Sacks said that the command also called to the cashier and trade secretaries to develop “budget strategies neutral to acquire additional bitcoin” provided that US taxpayers were not without any costs.
Trump’s command followed after he repeatedly marked plans to establish a cryptocurrency supply or reservation as part of his promise that he would now turn into a “crypto capital of the planet”.
Some cryptocurrency lovers, however, were less than impressed.
Shayan Salehi, a German technological entrepreneur, described the announcement that the Government would not acquire additional property as “known words than it can release the bear market.”
“The market muffled,” said Spencer Hakimian, founder of New York Tolou Capital Management, in a post on X together with a screenshot of the chart display showing the fall of Bitcoin.
Hakimian said the plan was “very insidious.”
“He will not buy a new Bitcoin right now if I cannot do so in a neutral way. Nothing that the federal government does is not neutral income,” he said.
The US has about 200,000 bitcoins seized during criminal and civic deduction.
The bags suggested that the reserve would function as a “digital Fort Knox” by helping Bitcoin keep its value.
“Premature sales of Bitcoin has already cost US taxpayers more than $ 17 billion lost. Now the Federal Government will have a strategy to maximize the value of its stakes, “he said.
In addition to the Bitcoin reserve, Sacks said that a separate stock would be established for “digital assets except Bitcoin seized in criminal or civil proceedings.”
This stock could include tokens such as ether, XRP, Solana and Cardano – property that Trump appointed earlier this week in a post on social networks, which describes his plans for the cryptocurrency reserves in detail.
The value of Bitcoin increased after Trump was elected in November, reaching a record highlight of $ 109,071 in mid -January.
The president’s support of the crypts of the currency became under surveillance, as his family raised billions of dollars in crypto wealth, including through Trump Meme Coin launched in January.
Bitcoin and other cryptocurrency critics warned that the property had no internal value and compared their increase with the Ponsis scheme.
