The Trump White House recently announced a project that the crypto industry loves, skeptics hate, and that most people, reasonably, don’t really care about: a “bitcoin strategic reserve.”

While some in the crypto community welcomed the announcement, others expressed disappointment as Bitcoin's price dropped more than 5% upon learning that the reserve would not

The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.

President Trump has signed an executive order to create a national bitcoin stockpile composed of coins seized through criminal and civil proceedings.

President Donald Trump signed an executive order creating a strategic bitcoin reserve as well as a U.S. digital asset stockpile on Thursday, a day ahead of the White House hosting a crypto summit.

The reserve will hold cryptocurrency forfeited to the government in criminal or civil proceedings, said the White House.

U.S. President Donald Trump has signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government, disappointing some in the market who had hoped for a firm plan to buy new tokens.

Similar to how the government has a reserve of other currencies such as gold, this reserve houses the country's digital currency.

Crypto experts told Newsweek the president's recent actions acted as a mark of legitimacy for the digital asset class.

U.S. President Donald Trump wooed the cryptocurrency industry's elite at the White House on Friday, hosting a first-of-its-kind summit focused on his plans for a government-owned stockpile of digital assets.