Bitcoin’s value fell after Donald Trump signed an executive order to establish a strategic reserve, just one day before he meets with cryptocurrency industry leaders at the White House.
The reserve is set to be funded with bitcoin previously forfeited by the federal government in criminal or civil asset cases, as billionaire crypto czar David Sacks explained on platform X.
In reaction, the world’s largest cryptocurrency briefly dropped over 5% to fall below $85,000 before trading last at $88,165.
Attendees at today’s White House crypto summit expect Trump to use the event to formally outline his plans to build a strategic reserve that will include Bitcoin and four other cryptocurrencies.
Deutsche analysts expressed disappointment after learning that Trump’s proposed reserve and stockpile would consist of assets already owned, eliminating the need for new government funding.
“It is good news, but not what the market wanted in the short term,” noted Steven Lubka of Swan Bitcoin, adding that investors were hoping for immediate buy pressure. Smaller tokens also suffered on Friday, with ether dipping 0.9% to $2,183 and ripple falling 3.8% to $2.50.
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