According to a report published by The Pavlovic Today on March 5, US President Donald Trump is preparing to announce a major shift in digital asset policies at the first-ever Crypto Summit, set to take place at the White House on Friday.
Bitcoin To Be Treated Differently Than Altcoins
Speaking ahead of the inaugural White House Crypto Summit, US Commerce Secretary Howard Lutnick hinted that Bitcoin (BTC) is likely to receive a “unique status” under Trump’s crypto reserve plans. He stated:
The President definitely thinks that there’s a Bitcoin strategic reserve. Now, there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday when we do that.
Lutnick further emphasized Trump’s strong interest in establishing a Bitcoin strategic reserve. Notably, cryptocurrency regulation was a key component of Trump’s election campaign. During his campaign, he famously purchased hamburgers with BTC at a New York City crypto-themed bar.
Going on, Lutnick reiterated that Trump is “interested in” a Bitcoins strategic reserve. To recall, positive cryptocurrency regulation formed a key tenet of Trump’s election campaign. At the time, Trump famously bought hamburgers with BTC at a New York City crypto-themed bar.
When discussing other cryptocurrencies, Lutnick suggested they would be handled differently from Bitcoin. He elaborated:
So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently – positively, but differently.
In a recent Truth Social post, Trump announced that a Presidential Working Group is developing a Crypto Strategic Reserve that would include altcoins such as Solana (SOL), XRP, and Cardano (ADA). In a separate post, he clarified that the reserve would also hold BTC and Ethereum (ETH).
However, the announcement was not well received by BTC investors. Industry leaders remarked that including altcoins in the Bitcoin reserve is a “miscalculation.”
Details About The White House Crypto Summit
The White House Crypto Summit will be chaired by Trump’s newly appointed Crypto Czar, David Sacks, along with Bo Hines, the Executive Director of the Presidential Working Group on Crypto.
In addition, several high-profile industry leaders will be in attendance, including Strategy’s Michael Saylor, Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi, and Chainlink co-founder Sergey Nazarov.
Trump’s push for a Crypto Strategic Reserve is already influencing other countries. In Brazil, federal deputy Eros Biondini recently introduced legislation aimed at creating a Strategic Bitcoin Reserve.
Similar discussions are taking place in Chile, where multiple lawmakers have proposed the establishment of a Bitcoin reserve. Meanwhile, Canada’s potential next Prime Minister, Pierre Poilievre, is rumored to be a Bitcoin advocate who could follow Trump’s lead.
That said, not all nations are on board with the idea. The Swiss National Bank recently dismissed the possibility of incorporating BTC into its reserves. At press time, BTC trades at $89,059, up 7.8% in the past 24 hours.
Featured Image from Unsplash.com, Charts from TradingView.com
