Bitcoin surged to $106,000 after President Donald Trump signed an executive order on cryptocurrencies and the creation of a “national digital asset reserve.”
On January 24, US President Donald Trump officially signed an executive order establishing a working group on digital assets. The group’s main mission is to promote the United States’ leadership in the cryptocurrency industry and plan to build a strategic national digital asset reserve.
While the order is a significant step forward for the cryptocurrency sector, it falls short of a comprehensive national strategy dedicated to Bitcoin reserves, which many investors had hoped for. This has caused Bitcoin prices to slightly correct.
Senator Cynthia Lummis, a strong Bitcoin advocate, is optimistic: “Big things are coming.” She also predicted that an executive order on the establishment of a strategic Bitcoin reserve would be issued soon.
The executive order reads in part:
“The working group will consider the possibility of establishing and maintaining a national reserve of digital assets and will develop criteria for establishing such a reserve. The reserve may be created from crypto assets seized by the Federal Government through law enforcement activities.”
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While the order did not receive an immediate positive response from the crypto market, many major investors and industry thought leaders still see it as a significant step towards expanding Bitcoin’s global adoption.
