Bitcoin erases gains after executive order on digital currencies fails to mention bitcoin once
Bitcoin lost most of its gains the day after President Trump released an executive order meant to bolster the crypto industry that failed to specifically say the words many were waiting for: “strategic bitcoin reserve,” or even “bitcoin” at all.
After news of the executive order started circulating around 3:25 p.m E.T., bitcoin’s price has dropped about 2.5% as of writing.
The executive order establishes a working group that will create a regulatory framework for crypto, a deviation from the previous administration, which was hostile to the industry. But the order doesn’t explicitly mention a strategic bitcoin reserve, a key ask from the industry and one of Trump’s central campaign promises.
The executive order does say a working group will “evaluate the potential creation and maintenance of a national digital asset stockpile,” but it does not mention any specific cryptocurrency and leaves the door open to that group deciding it’s a bad idea. The news came hours after Sen. Cynthia Lummis announced that she would chair a new subcommittee on digital assets, which she said had the goal of creating a strategic bitcoin reserve.
It’s unclear if Trump will keep his place as a crypto industry darling. With the release of a new memecoin, $TRUMP, days before his inauguration, some in the crypto industry are worried Trump is going to blow this opportunity.
The executive order establishes a working group that will create a regulatory framework for crypto, a deviation from the previous administration, which was hostile to the industry. But the order doesn’t explicitly mention a strategic bitcoin reserve, a key ask from the industry and one of Trump’s central campaign promises.
The executive order does say a working group will “evaluate the potential creation and maintenance of a national digital asset stockpile,” but it does not mention any specific cryptocurrency and leaves the door open to that group deciding it’s a bad idea. The news came hours after Sen. Cynthia Lummis announced that she would chair a new subcommittee on digital assets, which she said had the goal of creating a strategic bitcoin reserve.
It’s unclear if Trump will keep his place as a crypto industry darling. With the release of a new memecoin, $TRUMP, days before his inauguration, some in the crypto industry are worried Trump is going to blow this opportunity.
