The cryptocurrency drops by 6% that the lack of plans for government purchases disappoints investors.
The executive decree of American president Donald Trump to establish a Bitcoin strategic reserve and a stock of other digital assets failed to impress the cryptographic markets, the value of Bitcoin falls after the announcement.
Bitcoin dropped up to 6% after Trump’s order on Thursday, which did not include plans for the government to buy Bitcoin actively.
After falling as low as $ 84,900, the cryptocurrency was negotiated at around $ 87,700 at 05:00 GMT.
In a statement announcing the order, Trump’s crypto, Tsar David Sacks, said that the “Bitcoin Strategic Reserve” and “digital asset stocks” would be capitalized with confiscated assets in criminal or civil procedures.
“This means that it will not cost taxpayers a penny,” said Sacks on X.
“It is estimated that the US government has around 200,000 bitcoins; However, there has never been a complete audit. The OE (Executive Decree) directs complete accounting of digital assets of the federal government. »»
Sacks said that the ordinance also called on the secretaries of the Treasury and Trade to develop “budgetary neutral strategies to acquire additional bitcoin” provided that they are free for the American taxpayer.
The order of Trump came after having repeatedly reported plans to establish a stock or a cryptocurrency reserve in the context of its commitment to transform the United States into “cryptographic capital of the planet”.
Some crypto enthusiasts, however, were far from impressed.
Shayan Salehi, a German technology entrepreneur, described the announcement that the government would not acquire additional assets such as “famous words to trigger a bear market”.
“Market Moited,” said Spencer Hakimian, founder of Tolou Capital Management, based in New York, in an article on X alongside a screenshot of a graph showing the fall of Bitcoin.
Hakimian said the plan was “very disappointing”.
“They will currently buy no new bitcoin unless they can do it in a neutral income. Nothing of the federal government is neutral income, “he said.
The United States has around 200,000 bitcoins seized during criminal and civil confiscation.
Sacks suggested that the reserve would work as a “strong digital knox” by helping Bitcoin to keep its value.
“Bitcoin’s premature sales have already cost us taxpayers of more than $ 17 billion in lost value. Now the federal government will have a strategy to maximize the value of its assets, “he said.
In addition to a bitcoin reserve, Sacks said that a separate stock would be established for “digital assets other than Bitcoin confiscated in criminal or civil procedures”.
This stock could include tokens such as Ether, XRP, Solana and Cardano – assets appointed by Trump earlier this week in a social media position detailing his plans for a cryptocurrency reserve.
The Bitcoin value climbed after Trump’s election in November, reaching a record peak of $ 109,071 in mid-January.
The support of the cryptocurrency president was examined because his family has raised billions of dollars in cryptographic wealth, including through a piece of memes Trump launched in January.
Bitcoin reviews and other cryptocurrencies warned that assets had no intrinsic value and compared their ascent to a Ponzi scheme.
