Bitcoin Magazine
Inaugural White House Crypto Summit Underlines Distinction Between Bitcoin and Other Digital Assets in Executive Order
“From this day on, America will follow the rule that everyone in Bitcoin knows very well — never sell your Bitcoin.” – President Donald Trump, March 7, 2025, at the inaugural White House Crypto Summit
The President of the United States articulated widely known Bitcoin concepts as they refer to the nation’s Bitcoin holdings, highlighting a considerable shift in governmental point of view towards the cryptocurrency.
This advancement is a sign of a developing understanding that Bitcoin represents an unique possession class, different from other digital assets.
Such a difference was strengthened not just through his remarks at the current Crypto Summit however also by means of the finalizing of an executive order (EO) that inaugurates a Strategic Bitcoin Reserve (SBR), different from any Digital Asset stockpile.
The Strategic Bitcoin Reserve
On the subject of the SBR, the President specified a clear intent for the U.S. to maintain its Bitcoin reserves, contrasting with the actions of previous administrations that selected to liquidate substantial volumes of it.
President Trump mentioned, “Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of bitcoin (200,000, by some estimates) that were worth billions and billions of dollars had they not sold them.”
Moreover, he showed that his administration would look for chances to increase Bitcoin holdings without sustaining expenses to American taxpayers. “The Treasury and Commerce departments will explore new pathways to accumulate additional bitcoin holdings for the reserve, provided it’s done at no cost to the taxpayers,” he stressed, highlighting a dedication to a “budget-neutral” technique.
Attendees
The summit included Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick along with around 30 significant figures from the Bitcoin and cryptocurrency markets, consisting of Strategy Executive Chairman Michael Saylor, Coinbase CEO Brian Armstrong, Gemini co-founders Cameron and Tyler Winklevoss, and BTC Inc. CEO David Bailey.
Other administration authorities such as Kelly Loeffler, head of the Small Business Administration, and David Sacks, the White House Crypto Czar, were also in presence. Both applauded the quick rate at which President Trump is advancing Bitcoin and crypto-related executive orders and legal efforts.
“Your administration is moving at tech [startup] speed,” Mr. Sacks specified.
Additionally, Secretary Lutnick verified President Trump’s increased engagement with Bitcoin and cryptocurrency, keeping in mind, “Blockchain and Bitcoin technology are a key part of [the President’s] thinking.” He included, “We’re using blockchain. We’re using Bitcoin. We’re going to use digital assets to [push] forward, and Donald Trump is leading the way.”
Stablecoins as Currency, Bitcoin as Store of Value
It is essential to technique Secretary Lutnick’s comments concerning the application of Bitcoin carefully, as conversations at the summit did not consist of Bitcoin being made use of as a currency. Instead, it was mainly defined as a cost savings innovation.
In this context, stablecoins became the favored digital possession considered cash within the administration.
Secretary Bessent validated this view, echoing beliefs revealed at both the inaugural U.S. Press Conference on Digital Assets and the first Subcommittee on Digital Assets hearing. “We are going to put a lot of thought into the stablecoin regime,” he mentioned. “And as President Trump has directed, we are going to keep the U.S. [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that.”
In a notable remark, Secretary Bessent stressed the favorable instructions of the administration concerning possession production for Americans, specifying, “President Trump is creating assets for the American people while most past presidents have created debt.”
Topics Not Addressed
Notably, throughout a summit sneak peek call with senior White House authorities, it was clarified that the administration has no intents of eliminating the capital gains tax appropriate to cryptocurrency deals, that includes costs Bitcoin. This subject was obviously not consisted of in the summit conversations. Furthermore, the administration had actually not resolved whether the U.S. Marshals had actually performed a comprehensive audit of the Bitcoin and digital assets they manage.
Moreover, there was no reference of prepare for protecting the personal secrets connected with the bitcoin in the SBR, although journalism was not allowed to posture concerns throughout the occasion.
Conclusion
Despite these oversights, it is important to acknowledge the significance of the day as articulated by Brian Armstrong. “It was a pretty historic moment for the crypto industry,” he showed after the summit. “President Trump really breathed life back into this industry. A few years ago, it felt like we were under attack, and some folks tried to unlawfully kill the whole industry. What a sea change to be invited into the White House and to have the most pro-crypto president ever.”
Armstrong revealed wish for legal efforts that would strengthen the favorable efforts for Bitcoin and cryptocurrency started under Trump’s administration, keeping in mind, “Congress is making really good progress on this with stablecoin and market structure legislation, and hopefully codifying this Strategic Bitcoin Reserve eventually, as well.”
This short article, entitled “White House Draws Line Between Bitcoin and Digital Assets at Its First Crypto Summit, In EO,” was initially released by Bitcoin Magazine and authored by Frank Corva.
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