Trump signs executive order to create US Strategic Bitcoin Reserve as crypto summit attracts top industry leaders
- AI and Crypto Czar David Sacks announced President Trump's executive order to create a US Bitcoin Strategic Reserve.
- He also confirmed the attendance of key crypto industry leaders, including Ripple, Coinbase, Strategy and Gemini CEOs, in the upcoming White House Crypto Summit.
- Members of the roundtable will converse on matters around crypto regulation and review the digital asset reserve.
AI and Crypto Czar David Sacks confirmed on Thursday President Trump's executive order to create a Strategic Bitcoin Reserve, and a list of key crypto industry figures attending the White House Crypto Summit.
Trump signs Bitcoin reserve executive order ahead of White House Crypto Summit
Sacks revealed that Trump signed an executive order to create a Strategic Bitcoin Reserve using BTC from "criminal or civil assets forfeiture proceedings" without deploying fresh capital. The US government currently holds about 198,109 BTC, according to data from crypto analytics platform Arkham.
The order will also see the US establish a digital asset stockpile leveraging cryptocurrencies obtained under circumstances similar to that of the Bitcoin reserve.
"The US will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called 'digital gold,'" wrote Sacks in a Thursday's X post. "Premature sales of bitcoin have already cost US taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings," he added.
The order clarifies how the government intends to create the crypto reserve, especially after President Trump posted about XRP, SOL and ADA forming a major part of the reserve alongside Bitcoin and Ether.
While the news came as a positive for some, others considered it underwhelming, considering the wide anticipation from investors.
"No active buying means this is just a fancy title for Bitcoin holdings that already existed with the Govt. This is a pig in lipstick," Charles Edwards, founder of Capriole Investments, wrote on X.
However, Ryan Rasmussen, head of research at Bitwise, highlighted that the order legitimizes Bitcoin among wealth managers and eliminates previous headwinds of the US selling pressure.
Meanwhile, the crypto industry is set for the White House Crypto Summit on Friday, following the confirmation of major industry figures for the roundtable event. In an X post, Sacks confirmed several names that will be in attendance of the highly anticipated event.
Among the individuals mentioned are Ripple CEO Brad Garlinghouse, Coinbase CEO Brian Armstrong, Strategy CEO Michael Saylor, Bitcoin Magazine CEO David Bailey, Polymarket CEO Shane Coplan, Gemini CEOs Tyler and Cameron Winklevoss, Kraken CEO Arjun Sethi and Robinhood CEO Vlad Tenev.
However, the list of invites is still subject to changes as more prominent names may unfold before the event.
The White House Crypto Summit is an event hosted by President Donald Trump to address the need for regulatory clarity in the crypto industry. The event will be organized by David Sacks and Bo Hines, the executive director of the Presidential Council on Digital Assets.
The White House Crypto Summit and the executive order to create a digital asset stockpile align with President Trump's campaign promise to make the US the "crypto capital of the world."
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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