At least it won’t cost taxpayers a dime
Donald Trump’s major crypto announcement could sting for recently pardoned Silk Road founder Ross Ulbricht.
Trump Pardons Silk Road Founder Ross Ulbricht & Establishes U.S. Bitcoin Reserve
In a move that echoes both generosity and strategy, President Donald Trump has granted a partial pardon to Silk Road founder Ross Ulbricht, making good on a campaign promise to free him. Ulbricht, who had been serving a life sentence for creating the infamous dark web marketplace, was among the 1,600 individuals pardoned by the president after his return to the Oval Office.
But the real headline? Trump has officially established a U.S. Bitcoin reserve. After much speculation about his administration’s interest in cryptocurrency, the president has signed an executive order titled “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile” on March 6—a move some are calling a modern Fort Knox for digital currency.
While the implications of a national Bitcoin reserve remain uncertain, White House crypto czar David Sacks has taken to X (formerly Twitter) to stress its significance. More details are expected at the March 7 White House crypto summit, which comes amid a surge in cryptocurrency markets, adding further intrigue to Trump’s latest financial maneuver.
Trump’s Crypto Ambitions Boost Bitcoin as U.S. Moves to Build Strategic Reserve
Despite a rocky start to 2025, fears of Bitcoin failing to meet its sky-high expectations have been thrown aside as Trump’s vision of making the U.S. a crypto superpower has sent prices soaring once again.
For those wondering where all this Bitcoin is coming from, a newly released White House fact sheet breaks it down:
“The Strategic Bitcoin Reserve will be capitalized with Bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings. Other agencies will evaluate their legal authority to transfer any Bitcoin owned by those agencies to the Strategic Bitcoin Reserve.”
White House crypto czar David Sacks reinforced this, stating:
“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.”
With no taxpayer burden and a growing national Bitcoin stockpile, Trump’s latest financial move is shaking up the crypto world—and the March 7 White House crypto summit is expected to provide even more insight into the administration’s long-term crypto strategy.
Crypto Seizures Fuel U.S. Bitcoin Reserve—Ulbricht and Bankman-Fried Lose Billions
Bad news for Ross Ulbricht—if he had any hope of reclaiming his $6.5 billion in seized Bitcoin, it’s officially out of reach. In January 2025, Chief U.S. District Judge Richard Seeborg denied Ulbricht’s motion to block the forfeiture of 69,370 Bitcoin, clearing the way for the government to sell off the massive Silk Road stash. This remains the largest crypto seizure in U.S. history.
But Ulbricht isn’t alone in this loss. Former FTX CEO Sam Bankman-Fried is also seeing his crypto wealth funneled into the pot, further padding the U.S. government’s holdings.
Right now, estimates suggest the federal government controls around 200,000 Bitcoin, though White House crypto czar David Sacks admits there’s never been an official audit—until now. A full review is finally on the way, as Sacks warns:
“Premature sales of Bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings.”
What remains unclear is how exactly this crypto stockpile will be used. If it’s never meant to be sold or spent, what’s the endgame? If you’re looking for answers, the March 7 White House crypto summit might just have them.
