President Donald Trump has just signed an executive order that’s already making waves in the crypto space.
On March 7, he unveiled plans to create a U.S. Bitcoin Strategic Reserve and Digital Asset Stockpile, marking the first serious move to integrate Bitcoin into the U.S. financial system.
A Historic Shift for Bitcoin
The order outlines the use of cryptocurrency seized from criminal cases, which will be funneled into the reserve. This is significant for a lot of people in the crypto community.
It’s the first legitimate indicator that the U.S. is starting to recognize Bitcoin as an authentic asset rather than just a niche investment.
Joe Burnett, head of market research at Unchained, called it a “real step” for Bitcoin’s future, noting that this move acknowledges Bitcoin as a cornerstone for a more stable global financial system.
“Bitcoin is no longer an outsider,” he said.
Bitcoin’s Price Reacts
However, not everyone is thrilled with the announcement. Bitcoin’s price took a sharp hit, dropping by over 6%, from $90,400 to $84,979, shortly after the news broke.
A lot of investors had been hoping for a commitment from the government to buy more Bitcoin, which didn’t happen.
Despite the price dip, the executive order has serious implications. According to Burnett, it appears that Bitcoin is already a global asset, paying as the world’s seventh most valuable commodity. This means it is no longer only investors who are focused on Bitcoin, but world power economies and banks too.
Looking ahead, all eyes are on Trump’s White House Crypto Summit, happening later today. The summit is expected to provide more details about the U.S. Bitcoin Reserve and the future of digital assets in the financial system.
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