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Bitcoin drops, no public cryptocurrency buys for US 'strategic reserve'

BSS
Published On: 07 Mar 2025, 08:22

TOKYO, March 7, 2025 (BSS/AFP) - Bitcoin's price plunged up to 5.7 percent on Friday after US President Donald Trump signed an executive order to establish a "Strategic Bitcoin Reserve" without planning any public purchases of the cryptocurrency.

Around 0100 GMT, Bitcoin had fallen to $84,707, after White House artificial intelligence and cryptocurrency advisor David Sacks said on X: "The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime."

 

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