In a historic move, Donald Trump hosted the first White House Digital Assets Summit, signaling his administration’s strong support for the cryptocurrency industry. The event focused on plans to establish a government-owned bitcoin reserve, described as a “virtual Fort Knox for digital gold.” White House crypto czar David Sacks emphasized that taxpayer funds would not be used to acquire digital assets, disappointing some market participants who had hoped for a more aggressive buying strategy.
The summit highlighted Trump’s embrace of blockchain technology and digital assets as tools to maintain America’s global economic leadership. Commerce Secretary Lutnick praised the administration’s efforts, stating, “Technology is at the foundation of the Trump presidency.”
However, the lack of specific details about the bitcoin reserve’s operation left investors underwhelmed, with bitcoin prices dropping 3.4% to $86,394. Critics noted the absence of a clear timeline or strategy for government purchases of additional bitcoin.
In a related development, the Office of the Comptroller of the Currency announced that U.S. banks could engage in certain crypto activities without prior regulatory approval, further easing the path for financial institutions to enter the digital asset space.
Despite some skepticism, the summit underscored a significant shift in U.S. policy toward cryptocurrencies, with Trump positioning America as a leader in the digital age.