The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.

The president had called cryptocurrency a “scam” but during his campaign last year he was persuaded of its value, especially as an investment for the Trump family.

U.S. President Donald Trump wooed the cryptocurrency industry's elite at the White House on Friday, hosting a first-of-its-kind summit focused on his plans for a government-owned stockpile of digital assets.