“From today on, America will comply with the rule that everybody in Bitcoin is aware of very effectively — 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 fashionable 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 property.
He’s confirmed this not solely by what he stated at at this time’s Crypto Summit, but additionally by signing an executive order (EO) last night that established a Strategic Bitcoin Reserve (SBR) independently of a Digital Asset stockpile.
The Strategic Bitcoin Reserve
Concerning the SBR, the President stated at this time that the U.S. plans to carry onto the bitcoin it has in its possession, not like earlier administrations who’ve bought huge sums of it.
“Sadly, lately, the U.S. authorities has foolishly bought tens of 1000’s of bitcoin (200,000, by some estimates) that had been price billions and billions of {dollars} had they not bought 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 completed for gratis to the taxpayers,” he stated.
“We don’t need any value 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 had been current on the summit alongside roughly 30 outstanding members of the Bitcoin and crypto trade, 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, had 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 truly quicker 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 information, including that the President has actually 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 property 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 a substitute, it was solely known as a financial savings expertise.
So far as digital property that the administration views as cash, stablecoins stand alone.
And Secretary Bessent bolstered this message, most not too long ago pushed at each the primary U.S. Press Conference on Digital Assets and the first Subcommittee on Digital Assets hearing, on the summit.
“We’re going to put a number of thought into the stablecoin regime,” stated Secretary Bessent. “And as President Trump has directed, we’re going to maintain the U.S. [dollar] the dominant reserve forex on this planet, and we’ll use stablecoins to try this.”
(And earlier than you go cursing Secretary Bessent underneath your breath as you learn this, please be aware that he additionally dropped a completely banger of a pro-bitcoin one-liner on the occasion: “President Trump is creating property 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 remove the capital gains tax from crypto sales (which can also be relevant once 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 property of their custody (final it was reported, they apparently have little idea of what they’re holding). Additionally unmentioned was how the federal government plans to safe the personal keys to the bitcoin it retains within the SBR. (I deliberate to inquire concerning 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 a few of the presently minor particulars right here.
It Was A Good Day
As a substitute, let’s take a queue from Brian Armstrong, and acknowledge that at this time was, by many requirements, an excellent day.
“It was a reasonably historic second for the crypto trade,” Armstrong instructed Bitcoin Journal after the summit had concluded.
“President Trump actually breathed life again into this trade. A couple of years in the past, it felt like we had been underneath assault, and a few people tried to unlawfully kill the entire trade. 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 a few of the optimistic Bitcoin and crypto initiatives set in movement underneath the Trump administration.
“Congress is making actually good progress on this with stablecoin and market construction laws, and hopefully codifying this Strategic Bitcoin Reserve finally, as effectively.”