Trump Signs Order to Establish a 'Government Reserve' of Bitcoin

U.S. President Donald Trump signed an executive order on Thursday to create a government reserve of Bitcoin. According to the Associated Press, this move is considered a significant step towards the potential mainstream acceptance of cryptocurrencies in the economy. Under this new order, the U.S. government will hold Bitcoins that have previously been seized in criminal and civil cases. David Sachs, referred to as the 'Head of Cryptocurrency Affairs' in the Trump administration, estimates this amount to be around 200,000 Bitcoins. Sachs wrote on social media: 'The United States will not sell any Bitcoin deposited in this reserve. This reserve will be maintained as a source of value. This reserve is like a digital Fort Knox for a cryptocurrency often referred to as digital gold.' Trump's executive order also calls for a 'full audit' of the U.S. government's Bitcoin assets, a measure that Sachs claims has not yet been fully implemented. Sachs stated that over the past decade, the U.S. government has sold about 195,000 Bitcoins for $366 million, adding that if these Bitcoins had not been sold, their current value would be around $17 billion. The FBI reported that North Korean hackers stole $1.5 billion from a cryptocurrency exchange. 'Identification of 13,000 unauthorized mining devices' coincides with the rise in Bitcoin rates. Bitcoin reached a new record following Trump's statements for the creation of strategic reserves. Frequent power outages in Iran; the role of Bitcoin mining in the energy crisis.