Trump Finally Announces Bitcoin as a Strategic Asset

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White House Crypto Summit “Ripple Solana Ethereum Cheers” White House AI/Crypto Czar David Sacks Crypto Stablecoin Blueprint

[Breaking News] Trump Finally Announces Bitcoin as Strategic Asset… White House Crypto Summit “Cheering Ripple, Solana, and Ethereum”

According to the New York Stock Exchange on the 2nd, former President Donald Trump will host the first White House Crypto Summit on March 7th. This meeting, hosted directly by President Trump, will be attended by CEOs of major cryptocurrency companies, investors, and policymakers. Key agenda items will include the Bitcoin (BTC) strategic reserve, stablecoin regulations, and ways to foster the U.S. cryptocurrency industry. Cointelegraph, a cryptocurrency media outlet, reported that this summit will be an opportunity for Trump to express his will to make cryptocurrency policy a national priority and make the United States the center of blockchain innovation. It will be led by David Sacks, the White House AI and Crypto Policy Director, and the President’s Working Group on Digital Assets will participate.

The cryptocurrency industry sees this meeting as a significant watershed that will determine the direction of stablecoin regulations in the United States. Cointelegraph reported that there is a high possibility that there will be policy discussions related to this, citing Circle co-founder Jeremy Allaire’s recent claim that “US-based stablecoin issuers must register with US regulators.”

The introduction of the Bitcoin Strategic Reserve (BTC Reserve) is the biggest issue at the White House Crypto Summit. Twenty-four states in the US are considering Bitcoin reserve bills. With Trump pushing a pro-cryptocurrency policy, this summit is expected to be an important event that will determine the direction of US cryptocurrency regulation for the next four years.

The White House officially announced that it will hold the first-ever ‘Virtual Currency Summit’ on March 7, attended by entrepreneurs, CEOs, and investors in the cryptocurrency industry. The White House reported that President Donald Trump will speak at the meeting, which will be moderated by David Sachs, the White House’s chief cryptocurrency officer. The White House added that “while the previous administration unfairly prosecuted the digital asset sector, President Trump’s policy vision reflects a new era of digital financial technology,” and that “the Trump administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic freedom.”

President Trump, who expressed a pro-cryptocurrency tone during the US presidential election, is expected to reveal his policy for promoting cryptocurrencies in his summit speech. In January, immediately after taking office, President Trump signed an executive order establishing a virtual currency working group. The White House Crypto Working Group will submit a report containing legislative proposals, including an evaluation of measures to establish a national digital asset reserve and a regulatory framework for virtual currencies.

The cryptocurrency industry has been lobbying to implement strategic reserves of Bitcoin and the establishment of a cryptocurrency advisory committee since President Trump won the presidential election. Bitcoin, the leader in cryptocurrencies that once plummeted below the $80,000 mark, rebounded on the 28th (local time), showing signs of calming down investor sentiment. Bitcoin has recently been on a downward trend, falling below $80,000 as the Federal Reserve’s (Fed) interest rate cut is expected to be delayed and economic uncertainty is growing due to the Trump administration’s tariff policies. $78,100 is the lowest level in three months. It is a 27% drop from the all-time high recorded just before President Trump took office.

The rebound on this day is interpreted as being due to the influx of low-priced buying following the plunge, as well as the January Personal Consumption Expenditures (PCE) price index released on this day. The PCE price index is a price index that measures the prices paid by U.S. residents when purchasing goods and services, and is an indicator that the Federal Reserve uses as a benchmark when determining whether the monetary policy target of ‘2% inflation rate’ has been achieved. The headline and core PCE index growth rates were 2.5% and 2.6%, respectively, both in line with expert forecasts compiled by Dow Jones. Despite the rebound on this day, Bitcoin fell more than 11% this week, its worst since the collapse of FTX, then the largest cryptocurrency exchange in the U.S. in November 2022. A massive $387 million long position that had bet on a rise was forcibly liquidated, and a record $2.7 billion was withdrawn from Bitcoin spot exchange-traded funds as of the 27th.

As warnings are being issued that Bitcoin’s decline could deepen to $70,000, expectations for an upturn are also rising. Jeffrey Kendrick, head of digital asset research at Standard & Chartered, said he still expects Bitcoin’s price to surpass $200,000 despite the downtrend. Despite U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky’s public clash over the Ukraine ceasefire on the 28th (local time), the New York stock market closed higher, ignoring the situation. On the New York Stock Exchange, the Dow Jones Industrial Average closed at 43,840.91, up 601.41 points (1.39%) from the previous day.

The S&P 500 index closed at 5,954.50, up 92.93 points (1.59%) from the previous day, and the Nasdaq index, which is centered on technology stocks, closed at 18,847.28, up 302.86 points (1.63%) from the previous day. On this day, the New York Stock Exchange went from hot to cold depending on major news during the day to a rebound before the market closed, wrapping up a week of volatility. The New York Stock Exchange opened strong as the personal consumption expenditures (PCE) price index, which the Federal Reserve (Fed) values, slowed to 2.5% in January, providing relief to the market. The New York Stock Exchange appeared to turn weak

as President Trump and President Zelensky clashed publicly over negotiations with Russia to end the war during the summit, which was broadcast on TV. However, the New York Stock Exchange recovered its losses and rebounded before the afternoon market closed, and all three major indices ended strong. The decline in bond yields in the afternoon, amid growing concerns about a U.S. economic slowdown, fueled the market rebound. The Atlanta Federal Reserve Bank (Fed) significantly revised down its first-quarter US growth rate outlook from 2.3% (annualized quarter-on-quarter) to -1.5% through an update to its GDP Now growth rate outlook model around noon today. The sharp downward revisions to personal consumption expenditures (PCE) and net export outlooks influenced the lowering of the first-quarter growth outlook.

Bond yields responded by falling. According to the electronic trading platform Tradeweb, the yield on 10-year US Treasury bonds fell 6bp (1bp = 0.01% point) from the same time the day before to 4.21% at the close of the New York Stock Exchange. As expectations of a resumption of slowing inflation and growing concerns about the economy grow, expectations are also growing that the US Federal Reserve (Fed) will cut interest rates again. According to the FedWatch tool of the Chicago Mercantile Exchange (CME), the interest rate futures market reflected a downward revision in the probability of the Fed freezing the benchmark interest rate at the current 4.25-4.50% range until December of this year, from 4.5% the day before to 1.9% today. The probability of the Fed cutting the benchmark interest rate by 0.25 percentage points once was lowered from 19.4% the day before to 12%. Instead, the probability of cutting the interest rate three or more times was reflected higher.

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