A room packed with crypto’s most powerful players sat inside the White House as Trump led the first-ever Digital Assets Summit. It was Friday, and for the first time in history, Washington had thrown open its doors to Bitcoin executives, exchange founders, and blockchain billionaires. “I know that many of you have been fighting for years for this,” Trump told the crowd. “Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise.” The administration announced plans for a Bitcoin reserve, something no U.S. government had attempted before. “This will be a virtual Fort Knox for digital gold to be housed within the United States Treasury,” Trump said. Trump orders end to crypto crackdown, blames Biden for Bitcoin sales Regulation was at the center of the summit, with Trump calling out the previous administration for its approach to Bitcoin. “The U.S. government has foolishly sold tens of thousands of additional Bitcoin that were worth billions and billions of dollars had they not sold them,” he said. “But they did sell them mostly during the Biden administration. And not a good thing to have done.” The new policy? HODL. “From this day on, America will follow the rule that every Bitcoin [holder] knows very well. Never sell your Bitcoin,” Trump declared . “And that’s a little phrase that they have. I don’t know if that’s right or not. Who the hell knows, right?” David Sacks, Trump’s crypto and AI czar, spoke next, saying, “This is an industry that was subjected to prosecution and persecution for the last four years.” He turned to Trump and added, “Nobody knows what that feels like better than you do.” The regulatory crackdown had been a major issue for crypto firms, many of whom faced lawsuits, restrictions, and enforcement actions under previous leadership. Scott Bessent, the new Treasury Secretary, promised an end to what he called “regulatory weaponization” against the industry. “We’re going to position the United States as a leader among nations in the digital asset strategy,” Scott said. He added that while the U.S. dollar remains the dominant reserve currency, the country will use stablecoins to support that status. Donald Trump with Tyler and Cameron Winklevoss. Source: Tyler Winklevoss There were also some mix-ups. While addressing Cameron Winklevoss, David confused him with his twin, Tyler. “You said that a year ago you thought it would be more likely that you would end up in jail than at the White House,” David said. Cameron corrected him immediately. “That was actually Tyler who said that,” he said, getting laughs from the crowd. The Winklevoss twins, who first made headlines after their lawsuit against Mark Zuckerberg over Facebook, later built a crypto empire with their exchange Gemini. Cameron said, “We never thought that we’d get attacked the way we did in our backyard after trying to do the right thing for so many years.” Crypto Mom Senator Cynthia Lummis, who was expected to be there, had tweeted earlier that: “Best wishes for a great crypto summit at the White House today. I’m home sick with pneumonia this week and sad that I won’t be there. We hope to get bitcoin and digital asset legislation to your desk soon, President Trump!” Bitcoin price dips as traders react to Trump’s reserve plan Despite all the announcements, Bitcoin didn’t surge. The market’s reaction to the summit was underwhelming, with Bitcoin dropping from $94,302 last Sunday to $88,393. “We’re all looking to see signs that new buyers are arriving on the scene,” one trader said, requesting anonymity. “And there are no specifics about how and when and to what extent the government will become a new buyer.” The Bitcoin reserve plan would move government-owned Bitcoin into a separate fund, modeled after the strategic gold and oil reserves. The White House has not disclosed whether it will buy more Bitcoin, but David made it clear that the government would not spend taxpayer money to acquire more crypto. Source: Eleanor Terrett “So I can give you a definitive answer on that: we will not be using taxpayer funds to acquire digital assets,” he told reporters. Several lawmakers were present at the summit, adding to speculation that Congress may soon get involved in Bitcoin policy. However, one of the most talked-about guests was Zach Witkoff, a co-founder of World Liberty Financial—a Trump-backed crypto firm launched just two months before the election. Other major attendees included Michael Saylor (MicroStrategy CEO), Vlad Tenev (Robinhood CEO), Brian Armstrong (Coinbase CEO), Brad Garlinghouse (Ripple CEO), and JP Richardson (Exodus Wallet CEO). Brad’s XRP is included in Trump’s crypto reserve, and Michael is basically the face of Bitcoin at this point. David, a former PayPal executive, is part of what’s known as the “PayPal Mafia”, a network of early PayPal leaders that includes Peter Thiel and Elon Musk. President Trump with David Sacks and Bo Hines, signing the executive order for a Bitcoin strategic reserve in the Oval. Source: David Sacks Twitter/X According to one senior official, Bitcoin deserves “special treatment”. “It’s the original cryptocurrency. It’s the most secure; it’s never been hacked. It’s scarce; the Bitcoin protocol limits the number (of coins) to 21 million. It’s the most decentralized.” The summit wasn’t all about Bitcoin. Toward the end of the event, FIFA President Gianni Infantino arrived, carrying the Club World Cup trophy and pitching an entirely new idea: a FIFA crypto coin. Trump, holding the trophy in the Oval Office, responded, “It could be quite a coin.” FIFA has big plans for its expanded Club World Cup, set to happen in June and July 2025. The tournament will feature 32 teams, including Real Madrid, Chelsea, Juventus, and Inter Miami. The prize money? A massive $1 billion. Meanwhile, Brian addressed reporters on the press briefing podium following the White House Crypto Summit. Brian said Coinbase is planning to hire 1,000 people this year in the U.S. “directly as a result of this regulatory clarity and leadership from President Trump.” Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
