President Donald Trump‘s newly announced crypto strategic reserve has even some industry advocates skeptical over the short-term impacts of establishing a federal stockpile of Bitcoin, Ethereum and three other smaller cryptocurrencies known as “altcoins.”
The White House held its first-ever crypto summit on Friday, a day after Trump signed an executive order establishing a government reserve of bitcoin that would retain an estimated 200,000 bitcoins seized as part of criminal and civil proceedings.
Strategic reserves are meant to stabilize U.S. interests like national defense or economic security. The government already stockpiles assets like petroleum and gold. Trump’s recent actions represent a historic moment of legitimization for the crypto markets, recognizing them as “digital gold” alongside traditional reserves, and further underscore his embrace of the digital assets.
Trump also appointed former PayPal executive and venture…
