“From this day on, America will follow the rule that everyone in Bitcoin knows very well — never sell your Bitcoin.” -President Donald Trump, 3/7/25 at the inaugural White House Crypto Summit
The President of the United States is now echoing popular Bitcoin principles as they relate to America’s Bitcoin reserves.
Wild.
It’s evident that he’s realized that Bitcoin is fundamentally different from all other digital assets.
He demonstrated this not only through his remarks at today’s Crypto Summit but also by signing an executive order (EO) last night that established a Strategic Bitcoin Reserve (SBR), separate from a Digital Asset stockpile.
The Strategic Bitcoin Reserve
Regarding the SBR, the President stated today that the U.S. intends to retain the Bitcoin it possesses, in contrast to previous administrations that sold large quantities of it.
“Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of Bitcoin (200,000, by some estimates) which could have been worth billions and billions of dollars had they not been sold,” said President Trump.
Additionally, the President mentioned that members of his administration would explore ways to accumulate Bitcoin — at no cost to the American public.
“The Treasury and Commerce departments will investigate new strategies to acquire additional Bitcoin holdings for the reserve, as long as it’s done without taxpayer expense,” he said.
“We don’t want any cost to the taxpayers,” he reiterated, emphasizing the U.S. government’s plan to amass Bitcoin in a “budget-neutral” manner (to use a term from last night’s EO).
Attendees
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick attended the summit along with approximately 30 prominent figures from the Bitcoin and crypto industry, including Strategy Executive Chairman Michael Saylor, Coinbase CEO Brian Armstrong, Gemini co-founders Cameron and Tyler Winklevoss, and BTC Inc. CEO David Bailey.
Other members of the Trump administration, including the head of Small Business Administration Kelly Loeffler and White House Crypto Czar David Sacks, were also present.
Both Sacks and Loeffler lauded the speed with which Trump is advancing Bitcoin and crypto executive orders and legislation.
“Your administration is moving at tech [startup] speed,” remarked Sacks.
“It’s actually faster than any startup that I’ve been part of,” added the venture capitalist, renowned for investing in numerous tech startups throughout his career.
Secretary Lutnick vouched for President Trump’s newfound Bitcoin and crypto knowledge, emphasizing that the President has truly embraced the technology.
“Blockchain and Bitcoin technology are a key part of [the President’s] thinking,” Lutnick stated.
“We’re using blockchain. We’re using Bitcoin. We’re going to use digital assets to [advance], and Donald Trump is leading the charge,” he further commented.
Stablecoins As Money, Bitcoin As Store Of Value
Before getting too excited about Secretary Lutnick’s mention of “using” Bitcoin, please note that despite the optimistic Bitcoin talk at the event, there was no mention of Bitcoin being used as money. Instead, it was solely referred to as a savings technology.
As for digital assets that the administration views as money, stablecoins are the focus.
Secretary Bessent reinforced this message, emphasized at both the first U.S. Press Conference on Digital Assets and the first Subcommittee on Digital Assets hearing, during the summit.
“We are going to put significant thought into the stablecoin regime,” said Secretary Bessent. “And as President Trump has directed, we are going to keep the U.S. [dollar] the dominant reserve currency in the world, utilizing stablecoins to achieve that goal.”
(Before becoming frustrated with Secretary Bessent upon reading this, please be aware that he also delivered a noteworthy pro-Bitcoin statement at the event: “President Trump is creating assets for the American people, while most past presidents have produced debt.”)
What Wasn’t Discussed
Additionally, during a summit preview call with senior White House officials this morning, one official dispelled the rumor that the administration would eliminate the capital gains tax from crypto sales (which also applies when spending Bitcoin or crypto), clearly stating that the administration has no plans to do this and that the topic wouldn’t be addressed at the summit. (It wasn’t.)
Another topic not discussed at the summit was whether the U.S. Marshals have provided the Trump administration with a proper audit of the Bitcoin and other digital assets in their custody (previous reports indicated that they have little knowledge of what they possess). Also unmentioned was how the government plans to secure the private keys to the Bitcoin it maintains in the SBR. (I intended to inquire about the latter, but the press members present at the event weren’t allowed to ask questions.)
However, let’s not get lost in these currently minor details.
It Was A Good Day
Instead, let’s take a cue from Brian Armstrong and recognize that today was, by many measures, a good day.
“It was a pretty historic moment for the crypto industry,” Armstrong told Bitcoin Magazine after the summit concluded.
“President Trump has truly revitalized this industry. A few years ago, it felt like we were under attack, and some attempted to unlawfully dismantle the entire industry. What a dramatic shift to be invited into the White House and to have the most pro-crypto president ever,” he added.
Armstrong also expressed his desire for legislation to be passed to solidify some of the positive Bitcoin and crypto initiatives initiated under the Trump administration.
“Congress is making significant progress on this with stablecoin and market structure legislation, and hopefully codifying this Strategic Bitcoin Reserve eventually, as well.”
