Trump News : President Donald Trump welcomed cryptocurrency industry titans to the White House on Friday, March 7, for a first-of-its-kind Crypto Summit, doubling down on his pledge to transform the United States into the “crypto capital of the world.”
Highlights
- Trump hosts crypto CEOs at White House, vows to make U.S. the “crypto capital of the world.”
- Summit follows executive order creating Strategic Bitcoin Reserve with 200,000 seized bitcoins.
- Bitcoin dips 5% to $85,000 as industry seeks clearer regulatory path from Trump’s team.
Flanked by Coinbase CEO Brian Armstrong, Robinhood’s Vlad Tenev, and other digital asset pioneers, Trump touted a newly signed executive order establishing a Strategic Bitcoin Reserve, calling it a “digital Fort Knox” for America’s future. The high-profile event, held in the State Dining Room, underscored Trump’s dramatic shift from crypto skeptic to champion, though a 5% bitcoin price drop signaled investor unease over regulatory details.
A Landmark Gathering for Crypto’s Rise
Trump opened the summit with praise for the “high-IQ individuals” around the table, including MicroStrategy’s Michael Saylor, Gemini’s Winklevoss twins, and Zach Witkoff of his own World Liberty Financial venture. “We’re pioneers—America will lead this revolution,” he declared, hours after signing an order Thursday to retain 200,000 bitcoins—worth roughly $17 billion—seized in criminal forfeitures.
The Strategic Bitcoin Reserve, paired with a separate Digital Asset Stockpile for other tokens, fulfills a campaign promise to elevate crypto as a national asset, akin to gold or oil reserves.
Treasury Secretary Scott Bessent and Crypto Czar David Sacks joined Trump, framing it as a budget-neutral boost to U.S. financial clout.
The summit’s agenda, led by Sacks and Bo Hines of the President’s Working Group on Digital Assets, focused on reversing Biden-era crackdowns. The SEC has already dropped probes into Coinbase and Kraken, attendees noted, with Trump vowing to “end the federal bureaucracy’s war on crypto.” Yet, his mention of only bitcoin in the reserve—excluding earlier teases of XRP, Solana, and Cardano—left some hoping for broader government buys, a letdown reflected in bitcoin’s slide from $89,200 to $85,000 by Friday’s close.
Industry Cheers, but Seeks Clarity
Crypto leaders heaped praise on Trump’s pivot, a stark contrast to years of regulatory battles. “It’s extraordinary to go from exile to the room where it happens,” Coinbase’s Faryar Shirzad told The Washington Post, echoing Armstrong’s gratitude for Trump’s election-driven momentum—fueled by $250 million in crypto lobbying, per OpenSecrets.
Attendees pushed for stablecoin laws and ETF approvals, with Armstrong telling CNBC, “Legislation is the urgent next step.” Ripple’s Brad Garlinghouse hailed a “multichain world,” though the reserve’s bitcoin-only focus tempered some enthusiasm.
Allies like Canada, smarting from tariff spats, watched warily, while domestic critics like Sen. Elizabeth Warren questioned Sacks’s past crypto holdings—sold before his role, he claims—for ethics risks.
Trump brushed off such concerns, spotlighting his $TRUMP memecoin, launched pre-inauguration, as proof of his stake: “I’m in this with you.”
A Volatile Path Ahead
The summit caps a whirlwind week—tariff rollbacks, Columbia funding cuts, and Putin talks—testing Trump’s multitasking six weeks into term two. Bitcoin’s 25% post-election surge to $109,000 has cooled, with Friday’s 7% weekly drop signaling investor jitters over vague plans. “If we get no clear direction, expect volatility,” warned crypto podcaster Scott Melker to CNN. As the Dow shed 300 points amid trade chaos, Trump’s crypto bet—backed by industry cash that flipped Senate seats—faces scrutiny: will it cement U.S. leadership or falter on execution? For now, the elite left the White House buoyed, but the market’s verdict remains pending.
