Trump hosts crypto summit at the White House, focusing on a government strategic reserve of digital assets and bitcoin.
In Short
President Trump hosted a cryptocurrency summit at the White House, proposing a government-owned reserve of digital assets without using taxpayer funds. While the industry’s response was mixed due to uncertainties in plans, there was a more collaborative atmosphere compared to past regulatory tensions.
U.S. President Donald Trump held a cryptocurrency summit at the White House on March 7, focusing on a proposed government-owned stockpile of digital assets.
Notable figures from the cryptocurrency industry, including MicroStrategy CEO Michael Saylor and Coinbase co-founder Brian Armstrong, were present.
Trump’s executive order set out a plan to create a strategic reserve for bitcoin and other digital assets, instructing the Treasury and Commerce secretaries to develop cost-neutral acquisition strategies.
He reiterated that taxpayer funds would not be used for this purpose. The reserve will consist of bitcoin forfeited through legal proceedings, as stated by White House crypto advisor David Sacks.
Market reactions were mixed, with some disappointment over the lack of a concrete plan for acquiring new tokens, leading to a decline in bitcoin prices.
Industry executives expressed a collaborative sentiment towards the administration, noting a shift from previous regulatory tensions to a more constructive dialogue.
Trump highlighted the importance of maintaining bitcoin without selling it, aligning with a phrase popular within the crypto community.
Treasury Secretary Scott Bessent confirmed the U.S. aims to retain the dollar as the global reserve currency while incorporating stablecoins.
