President Donald Trump signed an executive order on March 6 establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile and directing the federal government to retain forfeited crypto as a long-term store of value.

The order further states that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be tasked with developing budget-neutral strategies to expand the country’s BTC holdings without incurring additional taxpayer costs.

The market reacted negatively to the revelation that the government would not immediately acquire more BTC for the reserve.

Interesting move by President Trump to establish a Strategic Bitcoin Reserve. The market's reaction shows the impact of government involvement in the crypto space. It will be intriguing to see how this initiative unfolds and its implications on the broader digital asset market.