The creation of a "Strategic Bitcoin Reserve" in the United States is further proof of President Donald Trump's support for the cryptocurrency sector.

"Strategic Bitcoin Reserve" is to be funded by about 2,00,000 bitcoins, worth around $17 billion in total, that have been seized in the US as a result of civil and criminal cases.

President Trump’s Bitcoin reserve may prompt other governments to do the same, the CEO of Binance Richard Teng said.

Bitcoin stands at an inflection point as macro uncertainties persist, even as positive headlines from the White House flow.