"My estimate is that the U.S. government holds 198,109 bitcoins," Conor Grogan, head of Coinbase, said in a post on social media. "This executive order will reduce selling pressure by about $18 billion." "Just a few minutes ago, President Trump signed an executive order establishing the Strategic Bitcoin Reserve," David Sacks, the White House director of AI and cryptocurrency, said in a social media post. "The reserve will be capitalized on federally owned bitcoin that was seized in criminal or civil asset forfeiture proceedings."