US President Donald Trump on Friday said that the Biden administration had sold a hefty amount of Bitcoin and called it a ‘foolish’ decision.
“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional Bitcoin that was worth billions and billions of dollars had they not sold them, but they did sell them, mostly during the Biden administration,” he told a gathering at the first-ever Crypto Summit at the White House.
He said that his administration is on a mission to end the ‘war on crypto’, which he alleged started during Joe Biden’s presidency.
“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.
“Five months before the elections he (Biden) became a big fan because he heard how many people love it and respect it but i guess it didn’t work out for him,” he alleged.
Trump takes ‘historic’ action
Speaking at the event, Donald Trump doubled down on supporting cryptocurrencies, saying that his administration is on the way to make America the ‘crypto capital’ of the world, a promise he made before being elected as the country’s topmost leader in December last year.
“Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise” he said.
The summit included crypto company executives, cabinet officials and lawmakers, many of whom hailed Trump’s decision to create a Strategic Bitcoin Reserve.
Strategic Bitcoin Reserve
Friday’s summit was the latest in a series of actions the new Trump administration has taken to try and boost the crypto industry.
On Thursday, Trump signed an executive order establishing a “Strategic Bitcoin Reserve,” which essentially bars the U.S. government from selling bitcoin – currently valued at about $17 billion – it has acquired through criminal and civil asset forfeiture.
“Yesterday, I signed an executive order officially creating our strategic Bitcoin reserve,” Trump said at the White House event, adding, “The federal government is already amongst the largest holder of Bitcoin, one of the largest holders in the world. These existing holdings formed the foundation of the new reserve.”
The President further said that he has directed the Treasury and Commerce Department to explore new ways to accumulate Bitcoins without burdening taxpayers.
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