US President Donald Trump signed an executive order establishing the country’s strategic bitcoin reserve yesterday. President Trump’s order came a day before hosting a crypto summit at the White House.

The Treasury Department will set up an office to administer the reserve, which will be capitalized with Bitcoin (BTC) confiscated by the government as part of criminal or civil asset forfeiture proceedings.

Explaining the details of the order, White House AI and Crypto Czar David Sacks said that the Executive Order underscores President Trump’s commitment to making the U.S. the crypto capital of the world.

Attendees at today’s White House crypto summit expect the event to serve as a stage for President Trump to formally announce his plans to build a strategic reserve containing bitcoin and four other cryptocurrencies.