Crypto Community Reacts to Trump's Strategic Bitcoin Reserve

U.S. President Donald Trump made multiple pro-cryptocurrency promises during his election campaign last year. One of them includes the establishment of a strategic Bitcoin reserve. Earlier this month, he kept his promise and signed an executive order to create such an initiative. He also ordered the establishment of the Digital Asset Reserve. The Strategic Bitcoin Reserve is designed to hold BTC as a reserve asset and will include holdings acquired through civil or criminal asset forfeiture proceedings. The U.S. digital asset reserve will serve the same purpose and include altcoins obtained through similar seizure efforts. Response from the community This development has become the talk of the town, and many industry leaders have given their opinions. One of them, Arthur Beitman, co-founder of blockchain platform Tezos, recently told CryptoPotato that strategic reserve is "an interesting concept" but suggested that only time will tell if it will succeed. "Typically, strategic reserves are meant to match potential liabilities, such as oil. Foreign exchange reserves play the dual role of being consistent with potential liabilities from international trade and helping to stabilize the local currency. But perhaps it means compensation from the government to the industry for past legal battles? Who knows," he added. Alex Shevchenko — CEO and co-founder of Aurora — said the establishment of the BTC reserve fund was a "turning point," marking the recognition of the main cryptocurrency as "a strategic financial instrument, not only by some businesses but also by governments themselves." "The United States is positioning itself ahead of the curve. Other countries will have no choice but to react. I believe we will see more countries follow U.S. innovation at this point This is not just about the U.S. leading in cryptocurrencies, it's about Bitcoin becoming a core asset in geopolitical finance," the executive stated. Additional comments Other celebrities joining the initiative include Anthony Scaramucci and Michael Saylor. The former White House official said he believes in BTC reserves "not because it will help Bitcoin, but because it will help the United States." It is important to note that Scaramucci was part of the U.S. government during Trump's first term as president. He used to be a strong supporter of the Republican Party, but in 2019 he withdrew that support, citing concerns about the president's behavior and rhetoric. For his part, the Executive Chairman of Strategy described the establishment of the strategic BTC reserve fund in the US as a historic moment and a "turning point in the financial and geopolitical landscape of the 21st century." Despite the general positivity, the last crypto bear, Peter Schiff, will always seek to criticize a major crypto development. Not so long ago, the economist known for his affection for gold stated that political and financial interests drove this decision. "Under pressure from conflicting donors and cabinet members, Trump just signed a spurious executive order to create a Strategic Bitcoin Reserve using Bitcoin that the government already owns," he asserted