Trump’s formal national cryptocurrency reserves triggered selloffs. Photo: Shutterstock

Cryptocurrency advocates are urging calm after US President Donald Trump’s establishment of formal national cryptocurrency reserves triggered selloffs as investors processed the implications of a policy that one pundit says, “delivered almost nothing”.

The new funds – which include a Strategic Bitcoin Reserve (SBR) dedicated exclusively to Bitcoin, and a US Digital Asset Stockpile (DAS) to manage other cryptocurrencies – were announced at this month’s inaugural White House cryptocurrency summit.

Bitcoin “is the original cryptocurrency… and has never been hacked”, Trump’s executive order says in establishing the…