The price of Bitcoin has experienced a slight decrease of less than 1 percent today. The cryptocurrency industry had the expectation that President Trump would sign an executive order related to these assets on his first day in office. Bitcoin had reached a historic high of $109,241 when Trump assumed the presidency on January 20.
The signed executive order creates a task force that will advise the White House on digital asset policy and analyze the possibility of establishing a reservoir of digital assets, which could include cryptocurrencies seized by the government in investigations. Despite initially rising after the signing of the executive order by Trump, increasing by 2.7 percent to $106,850, it subsequently lost those gains as details of the order were revealed.
The executive order signed by the U.S. president aims to promote cryptocurrencies and make the country a global leader in digital assets. According to the White House, this measure aims to position the United States as the epicenter of innovation in digital financial technology by eliminating regulations that have hindered cryptocurrency innovation in previous administrations.
In this sense, the creation of a task force led by the White House czar for artificial intelligence and cryptocurrencies, David Sacks, has been authorized. This group will be tasked with assessing the creation of a "national strategic reserve of digital assets" and must present recommendations to Trump within six months. The measure also prohibits the creation of a central bank digital currency and revokes a provision from the previous administration that, according to the statement, affected innovation and economic freedom in the realm of digital finance.
Following the signing of the executive order, leaders in the cryptocurrency industry such as Kristin Smith, president of the Blockchain Association, have praised the measure, stating that it will help position the United States as the "crypto capital of the planet." In contrast, the price of Bitcoin turned negative after President Trump's executive actions did not meet investors' expectations and did not specifically mention Bitcoin, but rather digital currencies in general.
