Washington, DC [US], March 8 (HBTV): Following the decision to create a 'Strategic Bitcoin Reserve,' United States President Donald Trump has said that he is working to end the government's ‘war on crypto.’

Addressing the Crypto Summit at the White House, Trump criticised former President Joe Biden's stringent actions against cryptocurrencies such as Bitcoin and expressed a more welcoming approach by his administration.

‘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. Five months before the elections, he 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,’ Trump said.

Speaking about the signing of the executive order to form a 'Strategic Bitcoin Reserve' on Thursday, Trump said that the federal government is the ‘largest’ holder of Bitcoin in the US.

‘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. Yesterday, I signed an executive order officially creating our Strategic Bitcoin Reserve. The federal government is already among the largest holders of Bitcoin—one of the largest holders in the world. These existing holdings formed the foundation of the new reserve,’ he said.

Trump also criticised the Biden administration's decision to sell Bitcoin, calling it ‘foolish.’

‘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,’ Trump said.

He further stated that he has directed the Treasury and Commerce Departments to explore new pathways to accumulating Bitcoin without burdening taxpayers.

‘The Treasury and Commerce Departments will also explore new pathways to accumulate additional Bitcoin holdings for the reserve, provided it is done at no cost to the taxpayers. We don't want any cost to the taxpayers. In addition, my order directs federal agencies to conduct an inventory of all crypto assets currently held by the US government and determine how they can be transferred to the Treasury,’ Trump said.

Along with the Strategic Bitcoin Reserve, the executive order also created a US Digital Asset Stockpile under the Treasury Department to manage other coins and assets, CNN reported.

(ANI)