President Donald Trump’s order to establish a Bitcoin reserve is intended to create the original cryptocurrency as an American reserve asset that deserves special treatment except from other crypto assets, according to a senior official in the White House.
The order’s extra crypto storage of other assets will only gather those obtained by the US government in seizures, the official said Friday, hours before an afternoon crypto summit in the White House. Bitcoin Reserve, as the official said will start with an estimated 200,000 Bitcoin, currently in government hands, could get active investments in the future if senior administrative officials can find ways to put new money on without leaning on taxpayers’ funds.
The Friday Summary welcomes a long list of cryptic headlers – including top leaders of Coinbase, Ripple, Kraken, Gemini, Chainlink and Robinhood – to give their views on industrial policy in a roundtable meeting with Trump administration officials.
Trump is also scheduled to perform at 1 p.m. 3 pm, where he is expected to talk about the executive order he signed Thursday night, which directed the creation of the US Bitcoin (BTC) Reserve. The reserve – also including the second stock for all other crypto assets – will only have digital assets seized through criminal and civilian cases and not yet an active purchase program that came as a disappointment for some industry observers.
The summit marks a major turning point for the crypto industry in the United States, signaling a dramatic turn from the reputation of Kvagmire in 2022’s collapse to this invitation to share the sector’s goal with a friendly White House.
Executive orders are not permanent law and the official said that further legislative actions would be welcome.
