Trump Team’s Bitcoin Reserve Strategy Takes a Market Beating

The government didn’t pay for it — and it’s not planning to sell.

But for the US Treasury, now sitting atop billions of dollars worth of stockpiled Bitcoin tokens, the recent selloff has delivered an uncomfortable lesson in what it means to treat “digital gold” like a reserve asset — and whether the notoriously volatile token deserves the backing of the world’s largest economy.

Since President Donald Trump signed an executive order last March to establish a strategic Bitcoin reserve, the market value of the government’s holdings of the digital currency has cratered. Bitcoin fell as low as $60,033 ...