Brief by Shorts91NewsDesk / 07:46am on 07 Mar 2025,Friday Business
President Donald Trump's executive order to establish a "Strategic Bitcoin Reserve" and a "Digital Asset Stockpile" has led to a significant downturn in the cryptocurrency market. Bitcoin's value dropped by up to 6%, reaching a low of $84,900 before stabilizing around $87,700. The order proposes that these reserves be funded through assets forfeited in criminal or civil proceedings, aiming to avoid taxpayer expense. Critics, including tech entrepreneur Shayan Salehi and Tolou Capital Management founder Spencer Hakimian, expressed disappointment over the lack of direct government investment in Bitcoin, labeling the plan as "underwhelming." The U.S. government currently holds an estimated 200,000 Bitcoin from such forfeitures.
