Here’s what happened in crypto today

Today in crypto, US President Donald Trump has signed an executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, with analysts now suggesting Bitcoin is “no longer an outsider” among global financial assets, and the Texas Senate has passed a bill to create a Bitcoin strategic reserve in the state.US Bitcoin reserve marks “real step” toward global financial integrationPresident Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.Trump’s executive order outlined a plan to initially use cryptocurrency forfeited in government criminal cases, Cointelegraph reported on March 7.As one of the crypto industry’s most widely-anticipated moves, the Strategic Bitcoin (BTC) Reserve marks the first “real step” for Bitcoin’s integration into the global financial system, according to Joe Burnett, head of market research at Unchained.“The Bitcoin integration era has begun,” Brunett told Cointelegraph, adding:“Now, with the establishment of a Bitcoin Strategic Reserve, the US has taken its first real step toward integrating Bitcoin into the fabric of global finance, acknowledging its role as a foundational asset for a more stable and sound monetary system.”Despite the historic executive order, Bitcoin plunged over 6% after the announcement, falling from $90,400 to $84,979. Many investors had anticipated the government would announce a plan to purchase additional Bitcoin, leading to short-term disappointment.Despite the disappointment, the executive order marked a significant pivot that confirmed Bitcoin is “no longer an outsider” among the global financial assets, Burnett said.“As the seventh-most valuable asset on earth, it is now positioned alongside traditional reserves, signaling a shift in how governments and institutions approach financial security, inflation protection and global liquidity,” he added.Donald Trump signs executive order for Strategic Bitcoin ReserveUS President Donald Trump has signed an executive order to create a strategic Bitcoin reserve and a digital asset stockpile.“Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve,” White House AI and crypto czar David Sacks said in a March 7 X post. He explained the reserve would initially be funded with assets seized by the government.”The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” he added.Additionally, the order also established a “U.S. Digital Asset Stockpile,” which Sacks said consisted of digital assets other than forfeited Bitcoin.Texas Senate passes Bitcoin strategic reserve billThe Texas Senate passed the Bitcoin (BTC) strategic reserve bill SB-21 in a 25-5 vote on March 6, following a fierce debate on the state Senate floor.Texas State Senator Charles Schwertner, who introduced the legislation, argued for the bill and said it would help Texas shore up its balance sheet with a valuable, scarce asset.“We don’t have stacks of dollar bills and safes like we did in medieval times. What we have is digital currency,” Senator Schwertner told the floor.Pro-Bitcoin lawmakers also assuaged fears that Bitcoin was a direct competitor to the US dollar as a global reserve currency, adding that BTC was more similar to gold and a hedge against inflation. Schwertner said:“I would argue, and put forth, that because of central intervention and manipulation of the supply of currency, in this case, the US dollar, the ability to spend money through printing money has caused the dollar to fall in value and fall in worth.”This monetary inflation has caused people to lose faith in the US dollar, the Texas state senator added.The bill must still be signed by the governor to be passed into law, and if SB-21 is enacted, Texas will become the first state in the United States to have a digital asset strategic reserve.