$BTC #WhiteHouseCryptoSummit #USCryproReserve The White House order says the reserve would be built using only the bitcoin seized by law enforcement. (We’ve already got an estimated $17 billion worth of bitcoin left over from various legal cases over the years. Typically, the Treasury sells those holdings to compensate victims and bolster law enforcement.)
Officials have sought to emphasize that no taxpayer dollars will be used to acquire more bitcoin.
However, the order authorizes the Treasury and Commerce departments to develop “budget neutral” strategies for buying more bitcoin.
“We’re only allowed to buy more if it doesn’t add to the deficit or the debt, or cost taxpayers,” crypto czar David Sacks said ahead of the White House’s crypto summit on Friday.
Bitcoin fell from about $90,000 to $85,000 on Thursday night after President Trump signed the executive order establishing the reserve.
#MarketPullback