According to BlockBeats, on March 7th, Coinbase director Conor Grogan posted on social media, "According to my estimation, the US government holds 198109 bitcoins. This executive order will reduce selling pressure by approximately $18 billion. According to previous reports, White House AI and Cryptocurrency Director David Sacks posted on social media that "just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. The reserve will be funded by federally owned Bitcoin, which is part of criminal or civil asset confiscation procedures.