Bitcoin Surges as Trump Signs Executive Order on Crypto

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.”

Read more: Warren Buffett Increases Investment in Crypto

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.