On March 7 Crypto leaders, former U.S. President Donald Trump held a special meeting at the White House to discuss cryptocurrency. This was the first-ever summit focused on his plan to create a government-owned stockpile of digital assets.
Trump invited top industry crypto leaders, moreover including Zach Witkoff. Furthermore one of the founders of World Liberty Financial, a crypto business linked to Trump. His social media posts confirmed the event.
Many well-known figures attended the meeting, including:
- Michael Saylor, CEO of MicroStrategy
- Brian Armstrong, co-founder and CEO of Coinbase
- Cameron and Tyler Winklevoss, investors and founders of Gemini
- David Bailey, a well-known entrepreneur
The summit also included top government officials and lawmakers. The event shows that cryptocurrency is becoming an important topic in politics and also government planning.
Trump Plans to Build Bitcoin Reserve with Government-Owned Crypto
One of the main topics at the White House crypto summit was Trump’s plan to create a strategic Bitcoin reserve. On Thursday, he signed an executive order to officially start this project. Furthermore, the reserve will also include other digital assets.
No Extra Cost for Taxpayers
Trump’s order asks the Treasury and Commerce departments to find ways to collect more Bitcoin without using taxpayer money. He made it clear at the summit:
“We don’t want any cost to the taxpayers.”
Where Will the Bitcoin Come From?
According to David Sacks, the White House’s crypto leaders, the government will fill this reserve with Bitcoin it already owns. This Bitcoin comes from criminal or civil cases where digital assets were taken by law enforcement.
This plan could make Bitcoin a bigger part of the U.S. financial system while avoiding extra costs for citizens.
White House Official: Bitcoin Reserve Should Have Been Created Sooner
At the White House, David Sacks, the government’s crypto leaders, moreover reporters told that the U.S. should have started a Bitcoin reserve a long time ago. moreover, he assured that no taxpayer money will be used to buy digital assets. Furthermore that consumer protections are already in place to keep investors safe.
Mixed Reactions from the Market
Many people in the crypto world were disappointed by the plan. In Addition to, Some had hoped the government would buy new Bitcoin, but that didn’t happen. Furthermore after the announcement, Bitcoin’s price dropped by 3.4% to $86,394.
Concerns About Other Cryptocurrencies
JP Richardson, CEO of Exodus, a Bitcoin wallet company, raised concerns about the plan. Trump wants to include four other cryptocurrencies in the reserve, but Richardson believes they shouldn’t be part of it.
“Crypto has grown a lot, but it’s still a new industry,” Richardson said.
He explained that smaller cryptocurrencies work differently than Bitcoin and also may create more risks. Some experts think only Bitcoin should be in the reserve, and also while others believes different digital assets could be useful.
The debate over what should be in the reserve is likely to continue as the government moves forward with its plan by crypto leaders.
Trump’s Positive View on Crypto after Crypto leaders meeting
Trump was optimistic about the future of cryptocurrency. At the summit, he said:
“We feel like pioneers in a way.”
He also mentioned a popular phrase in the Bitcoin community:
“From this day on, America will follow the rule that every Bitcoin owner knows well—never sell your Bitcoin.”
Trump admitted he wasn’t sure if this rule was always right, but he joked:
“Who knows? Who the hell knows? But so far, it’s been right, so let’s keep it that way.”
His comments show that he sees Bitcoin and crypto as an important part of America’s future.
Trump’s Executive Order: U.S. Will Keep Its Bitcoin Holdings Forever.
Trump’s executive order clearly states that the government will never sell its Bitcoin holdings.
At the summit, Treasury Secretary Scott Bessent said that the U.S. will keep the dollar as the world’s main currency and use stablecoins to help with that.
Hope for Clear Crypto Rules
Many attendees said they felt positive about working with a government that sees crypto as a real financial asset. They also hoped for clear rules on how crypto would be regulated.
The crypto industry is looking forward to more clarity and fair regulations as the government moves forward with its plans.
Trump’s executive order states that the government will never sell its Bitcoin holdings.
At the summit, Treasury Secretary Scott Bessent said the U.S. will keep the dollar as the world’s main currency and will use stablecoins to help maintain its value.
More Than Just Bitcoin
Brad Garlinghouse, CEO of Ripple, attended the event and shared his thoughts on social media. He was happy that Trump acknowledged other cryptocurrencies, not just Bitcoin.
Furthermore XRP, the cryptocurrency connected to Ripple, is one of the four other coins Trump is considering adding to the crypto reserve.
Hope for Clear Crypto Rules
Many people at the summit felt positive about working with a government that accepts crypto as a real financial asset. They also want clear and simple rules on how crypto will be regulated.
“Right now, people need to know how strict the rules will be and who will be in charge of regulating crypto,” said Yesha Yadav, a law professor at Vanderbilt University. The crypto industry is hopeful that the government will create fair and easy-to-understand regulations in the future
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