New Delhi, March 7 -- US President Donald Trump on Thursday signed an executive order to create a "Strategic Bitcoin Reserve," endorsing the cryptocurrency.

The government stockpile, which can be likened to a "digital Fort Knox," will be composed of digital currency seized in US criminal proceedings, said David Sacks, the White House's crypto czar, emphasising in a social media post that Thursday's move was the road towards Trump keeping his election campaign promise.

The move comes a day before meeting with executives from the cryptocurrency industry at the White House. The event is expected to serve as a stage for Trump to formally announce his plans to build a strategic reserve containing bitcoin and four other cryptocurrencies.

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