Trump to Announce Bitcoin Reserve Strategy at White House Crypto Summit This Friday

In a significant development for the crypto sector, President Donald Trump is set to announce plans for a United States strategic Bitcoin reserve at the first-ever White House crypto summit on Friday, March 7, 2024. Commerce Secretary Howard Lutnick revealed this to The Pavlovic Today ahead of the event.

“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 told The Pavlovic Today.

Trump’s Bitcoin Strategic Reserve Plan

Shifting from his previous hostile stance on crypto, Trump has voiced strong support for the asset class since his presidential campaign last year. After reclaiming the White House, he made a crucial crypto executive order, which included adding Bitcoin to the country’s national reserve. In a March 2 post, he outlined plans for a US Crypto Reserve, including Bitcoin, XRP, Solana (SOL), and Cardano (ADA).

Lutnick revealed that Bitcoin would receive unique status under this Crypto Strategic Reserve plan, but other altcoins would be treated differently.

“A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday. So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he said.

First-Ever White House Crypto Summit

The White House Crypto Summit, led by AI and Crypto Czar David Sacks and Bo Hines, executive director of the President’s Working Group on Digital Assets, is expected to provide clarity on how the reserve will operate and its impact on both the crypto industry and monetary policy.

This event will bring together industry leaders, founders, CEOs, and investors to discuss regulatory clarity, financial innovation, and economic opportunities. Multiple reports confirmed that Ripple CEO Brad Garlinghouse, Strategy executive chairman Michael Saylor, and Chainlink co-founder Sergey Nazarov are among the attendees.