Venture Capitalist Nic Carter comments on Trump’s March 7 White House Crypto Summit executive order to establish a Strategic Bitcoin Reserve.
In a recent post on March 7, Carter praises Trump’s decision to create a Strategic Bitcoin (BTC) Reserve, saying the announcement “couldn’t have gone better.”
Carter, known for his investigative articles exposing the Biden administration for their efforts to snuff out the crypto industry, highlighted a few positive things that he believes came out of the White House Crypto Summit held on March 7.
According to Carter, it was a good move on the Trump administration’s part to clearly set the strategic Bitcoin reserve apart from the altcoin stockpile rather than merging the two together or treating them the same way. Meanwhile, he suspects the decision to buy other altcoins will be left to the Congress.
“Bitcoin gets official USG [U.S. government] seal of approval, no other coin does,” Carter explained.
Instead of going up after Trump’s Bitcoin Strategic Reserve reveal, the asset has actually gone further down. At press time, Bitcoin has fallen by nearly 4% in the past 24 hours of trading. BTC has slipped well below the $90,000 threshold, dangling just under $89,000. It is currently trading hands at $88,362.
Moreover, Carter pointed out the fact that the Bitcoin reserve fund will be compiled using BTC that was seized by the federal government as part of criminal or civil asset forfeitures.
Echoing the words of AI and crypto czar David Sacks’ announcement after the White House Crypto Summit, Carter said not using taxpayer funds means there won’t be public backlash towards the reserve.
In a separate post, he jokingly suggested that if Bitcoin founder Satoshi Nakamoto turns out to be someone from the National Security Agency and he has around 1 million BTC kept in Fort Meade, then Trump’s executive order would make sure those funds are never sold.
After the White House Crypto Summit on March 7, David Sacks declared that President Trump has signed an executive order to create a Strategic Bitcoin Reserve. According to Sacks, the U.S. government currently holds around 200,000 BTC in seized assets, though a full audit has not been conducted.
