Trump Makes History with First White House Summit on Digital Assets

President Donald Trump announced the establishment of a strategic bitcoin reserve fund at the first digital asset summit at the White House. Speaking at this historic event, Trump declared, 'Yesterday, I signed an official executive order establishing our strategic bitcoin reserve fund, and this will be a virtual Fort Knox for the digital gold held in the U.S. Treasury vault.' He emphasized the significant holdings that the federal government possesses, amounting to around 200,000 bitcoins acquired through various law enforcement actions. Trump has criticized federal policies in the past, especially under President Joe Biden, noting that the government "stupidly sold tens of thousands of bitcoins worth billions of dollars if they didn't sell them". He has issued a new directive principle for the government, advising that "From now on, the United States will adhere to the rule that everyone playing bitcoin knows very well, which is never to sell your bitcoin".

The president also directed the Treasury and Commerce departments to identify free methods to increase bitcoin holdings. Trump assured attendees, "The Treasury and Commerce departments will also explore new paths to accumulate more bitcoin holdings for the reserve fund, as long as there are no fees for taxpayers." Addressing regulatory concerns, Trump emphasizes plans to end "Operation Choke Point 2.0," criticizing the Biden administration for allegedly pressuring banks to close accounts related to cryptocurrency businesses. "Regulatory agencies have forced banks to close accounts of cryptocurrency businesses and entrepreneurs," Trump remarked, pledging that this practice will cease under his supervision. Trump concludes by voicing support for congressional efforts related to stablecoins and digital assets, urging swift clarity on regulations before the August recess. Following the summit, the price of bitcoin continued to slide, dropping below $86,000 immediately after the live stream ended.