On Thursday, U.S. President Donald Trump signed an executive order creating a strategic bitcoin reserve before meeting cryptocurrency industry executives.
White House crypto czar David Sacks confirmed the reserve will use bitcoin seized by the federal government through criminal or civil asset forfeiture.
At Friday’s summit, Trump is expected to officially announce the reserve’s creation, including bitcoin and four additional cryptocurrencies as assets.
Earlier this week, Trump revealed the five digital assets planned for the reserve: bitcoin, ether, XRP, Solana, and Cardano.
The administration has not yet clarified how the reserve will function or explained its potential financial impact on taxpayers.
Sacks stated the federal government will implement a strategy maximizing the reserve’s value without disclosing further operational or financial details.
He emphasized the government will not sell deposited bitcoin, instead storing it as value, comparing it to “digital Fort Knox.”
Trump’s support for cryptocurrency has sparked concerns from conservatives and digital asset advocates regarding its implications for financial market stability.
Supporters argue a national cryptocurrency reserve could enable taxpayers to benefit from potential long-term price appreciation in digital assets.