US Creates National Crypto Reserves

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strategic bitcoin reserve

Wired

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Business

Business & Economics

Trump's 'Strategic Bitcoin Reserve' Plan Comes With a Twist

Summary

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75% Informative

President Donald Trump signs executive order to establish two national cryptocurrency reserves.

The US will not use money raised through taxation to purchase additional crypto for the reserves.

At present, the US is estimated to hold around 200,000 bitcoin, worth roughly $17 billion .

The price of bitcoin slid by around six percent in the hour following the announcement.

One possible effect of Trump following through on the crypto reserve plan might be that individual US states and other national governments set out to form their own.

Already, members of Congress in states including Texas , Ohio and New Hampshire have introduced bills that would authorize their respective state treasuries to purchase bitcoin.

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semi-formal

Language

English

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not offensive

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not hateful