We're working to end war on crypto which was going wildly under Joe Biden: Donald Trump

Trump has decided to create a Strategic Bitcoin Reserve, which will hold bitcoin that was forfeited as part of criminal or civil asset forfeiture proceedings.

Published on: Mar 8, 2025, 11:37:52 IST

By HT News Desk | Edited by Ashley Paul

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US President Donald Trump said his government is working to end the “war on cryptocurrency”. He was addressing the Crypto Summit at the White House when he criticised former US President Joe Biden's stance towards cryptocurrency.

Trump said Biden became a fan of crypto about five months before the US Presidential elections (Bloomberg)

“My administration is working to end the federal bureaucracies' war on crypto, which was really going pretty wildly during Biden until the election came about,” Trump said.

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He added that Biden's stance on crypto changed five months before the elections, when he “became a big fan because he heard how many people love it and respect it”. “But I guess it did not work out for him,” he said further.

He called Biden administration's decision to sell bitcoins “foolish”.

Speaking about the executive order he signed to create a ‘Strategic Bitcoin Reserve’ with the Treasury Department-owned bitcoin, Trump said the federal government is the “largest” holder of bitcoin in the US.

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“Last year, I promised to make America the bitcoin superpower of the world and the crypto capital of the planet, and we are taking historic action to deliver on that promise. Yesterday, I signed an executive order officially creating our strategic bitcoin reserve,” he said.

“The Treasury and Commerce Department will also explore new pathways to accumulate additional bitcoin holdings for the reserve provided it is done at no cost to taxpayers,” Trump noted.

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The Strategic Bitcoin Reserve's creation means the US will not sell bitcoin and will maintain it as a store of reserve assets.

Trump's executive order was also regarding the creation of a US Digital Asset Stockpile consisting of digital assets other than bitcoin owned by Treasury Department. Assets part of the stockpile can be sold by the government.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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