Industry watchers weigh in on Trump’s Thursday night executive order

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" rel="nofollow">subscribe</a>.<hr>So the US has officially moved to create that long-awaited <a href="https://blockworks.co/news/us-crypto-reserve-clarification" rel="nofollow">strategic bitcoin reserve</a>? And a separate stockpile for other crypto assets?Yes, sort of. Reactions are mixed as people read the fine print. First, some details you might already know:Donald Trump signed an <a href="https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/" rel="nofollow">executive order</a> to create a Strategic Bitcoin Reserve (SBR) and a Digital Asset Stockpile (DAS). The latter sports the same acronym as Blockworks’ <a href="https://blockworks.co/event/digital-asset-summit-2025-new-york" rel="nofollow">upcoming event</a>!The SBR is to be capitalized with BTC forfeited to the Treasury department via criminal/civil proceedings. The US won’t sell bitcoin in this reserve. There’s not yet a plan to buy more BTC, leaving some disappointed. However, the EO notes that the Secretaries of Treasury and Commerce — currently <a href="https://blockworks.co/news/bessent-quarterly-refunding-announcement" rel="nofollow">Scott Bessent</a> and <a href="https://blockworks.co/news/trump-nominates-commerce-dept-leader" rel="nofollow">Howard Lutnick</a> — can “develop budget-neutral strategies for acquiring additional bitcoin.” Essentially ones that won’t burden taxpayers. As for the DAS, that would include digital assets beyond bitcoin (none specifically named in the EO) also collected via forfeiture. The government would not buy more assets for this stockpile.Many thought a bitcoin reserve announcement could be a catalyst to send BTC price to new heights. We did not see that immediately.Compass Point analysts called the reserve and stockpile creation “a nonevent.” Based on price action around the reveal, they added, the market seems to agree with this view.<figure><img alt="" src="https://static.fwimg.io/img/feed/d33dda453e70de58e935b2bb29a3ce4e.jpg"></figure>Bitcoin was trading around $88,200 at 2:10 pm ET — down nearly 2% from 24 hours prior. “Since these accounts are created by an EO, they can be undone by a future EO,” Compass Point’s Ed Groshans, Joe Flynn and Ed Engel wrote in a Friday note. The elements making a reserve “durable” include legislation authorizing specific actions and appropriating funds for those actions, they argue. So they’re labeling the EO issuance “a dud” — at least for now.“We will reassess the relevance of the SBR when Treasury and Commerce publish the strategies to acquire BTC.”  Despite this reasonable take, many still consider this a monumental step in legitimizing BTC and the broader asset class. Bitwise’s Ryan Rasmussen encouraged people to “zoom out,” detailing the potential ripple effect. <figure><div><blockquote>The end game was never “the U.S. government buys all of the world’s bitcoin.” A U.S. Strategic Bitcoin Reserve means… – Other countries will buy bitcoin – Wealth managers have no excuse – Financial institutions have no excuse – Pensions/Endowments have no excuse – Fear of the… <a href="https://t.co/iAoyeo3PYL" rel="nofollow">https://t.co/iAoyeo3PYL</a>— Ryan Rasmussen (@RasterlyRock) <a href="https://twitter.com/RasterlyRock/status/1897821084734648522?ref_src=twsrc%5Etfw" rel="nofollow">March 7, 2025</a></blockquote></div></figure>Falcon X research head David Lawant pointed to a few other positives. One being that Trump’s order clearly put BTC in a separate category while still acknowledging the value of other digital assets (remember <a href="https://blockworks.co/news/trump-crypto-reserve-details" rel="nofollow">Trump’s mention</a> of ETH, SOL, XRP and ADA on Sunday?).And the EO seems to shield the reserve from any backlash on taxpayer money usage, he added — noting the US could diversify its gold reserves into BTC and/or utilize the <a href="https://dnlt6.r.ag.d.sendibm3.com/mk/cl/f/sh/SMK1E8tHeGLdaArYqavpF5FRkQi7/LQ9OjXU3M7Du" rel="nofollow">Exchange Stabilization Fund</a>.It’s unclear how much more we’ll learn during/after today’s White House <a href="https://blockworks.co/news/first-industry-crypto-summit" rel="nofollow">crypto summit</a> (happening now). Keep an eye on Blockworks’ X <a href="https://x.com/Blockworks_" rel="nofollow">account</a> (and <a href="https://x.com/strack_ben" rel="nofollow">mine</a> and <a href="https://x.com/caseywagnerr" rel="nofollow">Casey’s</a>) for updates. <hr>Get the news in your inbox. Explore Blockworks newsletters:<ul><li><a href="https://blockworks.co/newsletter/daily" rel="nofollow">Blockworks Daily</a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li><li><a href="https://blockworks.co/newsletter/empire" rel="nofollow">Empire</a>: Start your day with top crypto insights from David Canellis and Katherine Ross.</li><li><a href="https://blockworks.co/newsletter/onthemargin" rel="nofollow">Forward Guidance</a>: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.</li><li><a href="https://blockworks.co/newsletter/research" rel="nofollow">0xResearch</a>: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.</li><li><a href="https://blockworks.co/newsletter/lightspeed" rel="nofollow">Lightspeed</a>: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.</li><li><a href="https://blockworks.co/newsletter/thedrop" rel="nofollow">The Drop</a>: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.</li></ul>

Reactions are mixed to BTC reserve, crypto stockpile

업계 관계자들은 트럼프 대통령의 목요일 밤 행정명령에 대해 의견을 제시했습니다.

GM(Good Morning) 비트코인(BTC) 전략 비축 및 미국 디지털 자산 비축 창설에 대한 반응이 혼재되고 있습니다. 트럼프 대통령이 범죄/민사 절차를 통해 재무부에 몰수된 비트코인으로 GM(Good Morning) 비트코인(BTC) 전략 비축을 자본화할 것이라고 발표했습니다. 미국 정부는 이 비축분을 매도하지 않을 것입니다. 그러나 추가 비트코인(BTC) 매입 계획은 아직 없어 일부 실망감을 자아내고 있습니다. 한편 디지털 자산 비축에는 비트코인(BTC) 외 다른 디지털 자산들도 포함될 것이며, 이 또한 몰수를 통해 조성될 것입니다. 이번 발표에도 불구하고 비트코인(BTC) 가격은 즉각적인 상승을 보이지 않았습니다.

비트코인(BTC) 보유량, 암호화폐 재고에 대한 반응은 엇갈린다

미국 노동통계국(BLS)은 목요일 13시 30분 (스테픈(GMT) 에 매우 중요한 11월 소비자물가지수( 소비자 가격 지수(CPI) ) 데이터를 발표할 예정입니다.
물가상승률 보고서에는 소비자 가격 지수(CPI) 포함되지 않습니다.

투자자들이 연준의 1월 금리 전망을 주시하는 가운데 미국 소비자 가격 지수(CPI) 에 관심이 집중되고 있다.

2025년의 기술 뉴스만 본다면 세상이 온통 좋은 것처럼 보일 겁니다. AI 투자는 계속되고, 북미 데이터 센터 건설은 가속화되며, 암호화폐 채굴업자들은 마침내 "경기 순환에서 벗어나" 이전에 변동성이 컸던 채굴 업무 안정적인 AI 해시레이트 서비스로 성공적으로 전환할 것입니다.
기사 작성자 및 출처: Anita, MarsBit
하지만 월스트리트의 신용 부서 분위기는 완전히 달랐습니다. 신용 투자자들은 모델 성능에 대해 논의하지도 않았고, 어떤 세대의 GPU가 더 강력한지에도 관심이 없었습니다. 그들은 엑셀 스프레드시트에 적힌 핵심 가정에만 집중하고 있었습니다.

해시레이트 의 서브프라임 위기: AI 인프라 채무 급증, 채굴 기업의 레버리지, 그리고 "청산 유동성"의 소멸

비트코인의 "실현 시가총액"이 사상 최고치인 1조 1250억 달러를 기록하며, 지난 10주 동안 가격이 거의 40% 폭락했음에도 불구하고 비트코인(BTC) 여전히 불 에 있음을 시사합니다.
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