The Bitcoin (BTC) community expressed varied responses to the March 7 White House Crypto Summit, with some stakeholders deeming it a monumental day for Bitcoin and digital currencies, whereas others found the event lacking.
Crypto trader Miles Deutscher stated that the event was a “significant net gain” for Bitcoin, despite the diverse opinions.
Kyle Samani, managing partner at Multicoin Capital and a participant in the summit, described it as a “historic occasion” for the cryptocurrency sector.
In the wake of the event, Coin Bureau founder and CEO Nic Puckrin inquired, “Just examining the charts, can I conclude that nothing revolutionary emerged from the White House summit?”
President Trump and cabinet members provide remarks at the White House Crypto Summit. Source: The White House
Bitcoin maximalist Justin Bechler was severely critical of the gathering. “The White House ‘crypto summit’ is a congregation of rent-seeking lobbyists advocating state-sanctioned surveillance tokens,” Bechler remarked on X.
The Trump administration’s White House Crypto Summit marked a significant shift from the prior administration’s viewpoint regarding the industry and followed President Trump’s executive order establishing a Bitcoin strategic reserve.
Related: Trump transformed crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategy
Market responses to the White House Crypto Summit and executive order
Following the Bitcoin strategic reserve directive and the White House Crypto Summit, Bitcoin’s value dropped by around 7.3% in what was broadly interpreted as a sell-the-news incident.
President Trump’s executive decree enabled the US government to procure additional BTC solely via asset seizures and budget-neutral methods that would not incur extra debts, deficits, or impose a strain on taxpayers.
This stipulation disappointed several Bitcoin enthusiasts, who had anticipated the US government would actively invest in more BTC for the reserve.
Current price action for Bitcoin. Source: TradingView
Bitcoin exchange-traded funds (ETFs) saw $370 million in outflows following the announcement, as traders perceived the executive decree as lackluster.
A majority of investors now foresee that Bitcoin may plummet to the $70,000 price point in March before recovering to $100,000.
The dissatisfaction stemming from the recent executive order and subsequent negative price movements instigated discussions on whether Bitcoin has peaked in its cycle or if it can still attain new summits in 2025.
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