America planning to sell gold reserve of government to Purchase Bitcoin, Donald Trump

The value of bitcoin has increased rapidly over the years. This most popular cryptocurrency recently created a high level of over one million dollars. However, there has been a significant decline in bitcoin since then. Its price is trading near $ 85,000. The new government led by Donald Trump in the US is taking measures to promote the crypto segment.

A media Report In the Digital Assets of the White House, the Executive Director of the Council of the Advisors of the President, BO HINES, states that the US government is considering ways to use its gold reserve to submit bitcoins. He said, “If we redeem the profit on the reserve of Gold, it will be a good way to buy bitcoin.” Hines also mentioned the Bitcoin Act introduced by Senator Cynthia Lummis. It has been favored to buy about 1 million bitcoins. This will be about five percent of the total supply of bitcoin.

Last month, Trump signed an order to create a strategic reserve of bitcoin. America’s Strategic Bitcoin Reserve will include bitcoins seized by the government. The Crypto Market estimated that bitcoin would be purchased by the US government for this reserve and this would strengthen the demand. However, in the executive order on which Trump has signed, it is clarified that the amount of taxpayers will not be used to buy cryptocurrency. It also states in this order that bitcoins deposited in the strategic reserve will not be sold. This means that the US government is planning to exclude a part of the supply of bitcoin from the circulation.

Recently, Trump also organized the first Crypto Summit at the White House. It included Founders, CEOS and Investors associated with the Crypto segment. Among them were also the co-founder of the blockchain network Chainlink, Sergey Nazarov. Apart from this, Bitcoin’s highest holding software company Microstrate’s founder, Michael Saylor and Paradigm’s co-founder, Matt Huang also participated in this summit.