Bitcoin dropped sharply after President Donald Trump’s Strategic Bitcoin Reserve disappointed traders, who were unhappy that the reserve would only contain seized Bitcoin, with no intention of funding new purchases. The U.S. government has almost 200,000 BTC, worth $17.7 billion. But about half of these, almost 95,000, came from the Bitfinex hack and will have to be returned to victims or paid for. White House AI and Crypto Czar David Sacks revealed on X that “the Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
