Trump Announces Plans for US Bitcoin Strategic Reserve

Former President Donald Trump, now a candidate for the Republican presidential nomination, announced a new campaign promise for a U.S. strategic Bitcoin stockpile if re-elected. He promised that the country would never sell any of the bitcoin it currently holds.

"If I am elected it will be the policy of my administration, the United States of America to keep 100 percent of all the bitcoin the U.S. government currently holds or acquires into the future," he said. "This will serve in effect as the core of the strategic national Bitcoin stockpile."

The U.S. government currently holds about $14 billion worth of bitcoin, mostly acquired via Department of Justice seizures. As Fundstrat's Head of Digital Asset Strategy Sean Farrell predicts, delivering on plans to not sell any of the country's existing holdings would be supportive of bitcoin's price. Bitcoin whipsawed after Trump finished his speech, but was mostly unchanged.