President Donald Trump: US government working to end the “war on crypto”
Washington, DC: President Donald Trump of the United States said that he is trying to put an end to the government’s “war on crypto” after the decision to establish a “Strategic Bitcoin Reserve.”
Speaking at the White House’s Crypto Summit, Donald Trump strongly criticized former President Joe Biden’s strict policies against cryptocurrencies like Bitcoin and called for his government to take a more lenient stance.
“The government bureaucracy’s fight against cryptocurrency, which was going quite haywire under Biden until the election, is being halted by my administration. He became a huge admirer five months before the elections after hearing how many people admired and loved it, but I suppose it didn’t work out for him.
Trump said that the federal government is the “largest” Bitcoin holder in the United States while discussing the signing of the executive order to establish a “Strategic Bitcoin Reserve” on Thursday.
“We’re taking unprecedented action to fulfill my pledge last year to create America the world’s Bitcoin powerhouse and the crypto capital of the globe. I formally established our strategic Bitcoin reserve yesterday by signing an executive order. The federal government already has one of the greatest amounts of Bitcoin worldwide. The new reserve was built upon these preexisting assets. Trump said.
The move of the Biden administration to sell Bitcoins was also deemed “foolish” by Trump.
“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional Bitcoin that was worth billions and billions of dollars had they not sold them, but they did sell them, mostly during the Biden administration,” Trump said.
Trump claimed to have instructed the Commerce Department and Treasury to look at new methods to get Bitcoins without putting a strain on taxpayers.
“If it is done at no expense to taxpayers, the Treasury and Commerce Department will also look into innovative methods to increase the amount of Bitcoin held for the reserve. The taxpayers should not incur any expenses. Furthermore, my directive instructs federal agencies to list any cryptocurrency assets that the US government now has and figure out how to convert them to the treasury. Trump said.
According to CNN, the presidential order established a US Digital Asset Stockpile under the Treasury Department to oversee additional currencies and assets in addition to the Strategic Bitcoin Reserve.
