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US President Donald Trump could issue an executive order as soon as March 7 to create a reserve for the country to buy Bitcoin, Bloomberg reports.
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US President Donald Trump could reportedly sign an executive order to create a Bitcoin reserve during the White House Crypto Summit on March 7.
Such a reserve would be expected to buy more Bitcoin (BTC), in comparison to the US hanging on to the BTC it already owns through criminal seizures, Bloomberg reported on March 6, citing people familiar with the matter.
However, a range of options for what could be several crypto-related executive actions are still being considered. Trump could also announce that the US will stop selling crypto it has seized and use it to seed a national crypto stockpile.
One possible proposal could also affect the tax treatment of crypto, which may need review and approval from Congress.
However, Trump’s possible actions are still under discussion and might not happen or change, Bloomberg reported.
Related: Trump’s World Liberty bought $20M worth of crypto ahead of March 7 summit
Trump signed an executive order in January creating a working group under White House AI and crypto czar David Sacks to evaluate “the creation of a strategic national digital assets stockpile.”
On March 2, Trump posted to his social media platform Truth Social that the crypto reserve would include XRP (XRP), Solana (SOL) and Cardano (ADA). He later added Ether (ETH) and Bitcoin (BTC) would be “the heart” of the reserve.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
