“From at the present time on, America will observe the rule that everybody in Bitcoin is aware of very nicely — by no means promote your Bitcoin.” -President Donald Trump, 3/7/25 at inaugural White Home Crypto Summit
The President of america is now reciting common Bitcoin maxims as they pertain to America’s bitcoin stack.
Wild.
It’s clear that he’s gotten the message that bitcoin is one thing altogether completely different than all different digital belongings.
He’s confirmed this not solely by what he stated at at the moment’s Crypto Summit, but in addition by signing an govt order (EO) final evening that established a Strategic Bitcoin Reserve (SBR) independently of a Digital Asset stockpile.
The Strategic Bitcoin Reserve
Relating to the SBR, the President stated at the moment that the U.S. plans to carry onto the bitcoin it has in its possession, not like earlier administrations who’ve offered large sums of it.
“Sadly, lately, the U.S. authorities has foolishly offered tens of 1000’s of bitcoin (200,000, by some estimates) that have been value billions and billions of {dollars} had they not offered them,” stated President Trump.
That stated, the President additionally shared that members of his administration will pursue avenues to build up bitcoin — at no expense to the American public.
“The Treasury and Commerce departments will discover new pathways to build up further bitcoin holdings for the reserve, supplied it’s carried out for gratis to the taxpayers,” he stated.
“We don’t need any price to the taxpayers,” he reiterated, highlighting the notion that the U.S. authorities plans to amass bitcoin in a “budget-neutral” (to borrow language from final evening’s EO) method.
Attendees
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have been current on the summit alongside roughly 30 outstanding members of the Bitcoin and crypto business, together with Technique Government Chairman Michael Saylor, Coinbase CEO Brian Armstrong, Gemini co-founders Cameron and Tyler Winklevoss, and BTC Inc. CEO David Bailey.
Different members of the Trump administration, together with head of Small Enterprise Administration Kelly Loeffler and White Home Crypto Czar David Sacks, have been additionally in attendance.
Each Sacks and Loeffler praised the tempo at which Trump is making progress with Bitcoin and crypto govt orders and laws.
“Your administration is transferring at tech [startup] pace,” stated Sacks.
“It’s really sooner than any startup that I’ve been a part of,” added the enterprise capitalist, well-known for investing in lots of tech startups over the course of his profession.
Secretary Lutnick vouched for President Trump’s newfound Bitcoin and crypto data, including that the President has really come to embrace the expertise.
“Blockchain and Bitcoin expertise are a key a part of [the President’s] considering,” stated Lutnick.
“We’re utilizing blockchain. We’re utilizing Bitcoin. We’re going to make use of digital belongings to [push] ahead, and Donald Trump is main the way in which,” he added.
Stablecoins As Cash, Bitcoin As Retailer Of Worth
Now, earlier than you go and get too enthusiastic about Secretary Lutnick speaking about “utilizing” bitcoin, please know that with all of the bullish bitcoin discuss on the occasion, not a phrase of bitcoin getting used as cash was uttered. As an alternative, it was solely known as a financial savings expertise.
So far as digital belongings that the administration views as cash, stablecoins stand alone.
And Secretary Bessent strengthened this message, most just lately pushed at each the primary U.S. Press Convention on Digital Property and the primary Subcommittee on Digital Property listening to, on the summit.
“We’re going to put numerous thought into the stablecoin regime,” stated Secretary Bessent. “And as President Trump has directed, we’re going to preserve the U.S. [dollar] the dominant reserve forex on the planet, and we are going to use stablecoins to try this.”
(And earlier than you go cursing Secretary Bessent below your breath as you learn this, please notice that he additionally dropped a completely banger of a pro-bitcoin one-liner on the occasion: “President Trump is creating belongings for the American individuals whereas most previous presidents have created debt.”)
What Wasn’t Mentioned
What’s extra, on a summit preview name with senior White Home officers this morning, one of many officers dispelled the rumor that the administration would take away the capital features tax from crypto gross sales (which can also be relevant while you spend bitcoin or crypto), clearly stating that the administration has no plans to do that and that the subject wouldn’t even be broached on the summit. (It wasn’t.)
One thing else that wasn’t mentioned on the summit was whether or not or not the U.S. Marshalls have supplied the Trump administration with a correct audit of the bitcoin and different digital belongings of their custody (final it was reported, they apparently have little concept of what they’re holding). Additionally unmentioned was how the federal government plans to safe the non-public keys to the bitcoin it retains within the SBR. (I deliberate to inquire in regards to the latter, however the members of the press current on the occasion weren’t permitted to ask questions.)
However let’s not get misplaced in among the presently minor particulars right here.
It Was A Good Day
As an alternative, let’s take a queue from Brian Armstrong, and acknowledge that at the moment was, by many requirements, an excellent day.
“It was a reasonably historic second for the crypto business,” Armstrong advised Bitcoin Journal after the summit had concluded.
“President Trump actually breathed life again into this business. Just a few years in the past, it felt like we have been below assault, and a few of us tried to unlawfully kill the entire business. What a sea change to be invited into the White Home and to have essentially the most pro-crypto president ever,” he added.
Armstrong additionally famous that, subsequent, he needs to see laws handed to assist make concrete among the constructive Bitcoin and crypto initiatives set in movement below the Trump administration.
“Congress is making actually good progress on this with stablecoin and market construction laws, and hopefully codifying this Strategic Bitcoin Reserve ultimately, as nicely.”
