“From this moment forward, America will adhere to the principle that everyone in Bitcoin is well acquainted with — never part with your Bitcoin.” -President Donald Trump, 3/7/25 at inaugural White House Crypto Summit
The Chief Executive of the United States is now articulating well-known Bitcoin adages as they relate to America’s bitcoin reserves.
Wild.
It’s evident that he has understood the sentiment that bitcoin stands apart from all other digital currencies.
This has been demonstrated not only by his remarks at today’s Crypto Summit but also by endorsing an executive order (EO) last evening that established a Strategic Bitcoin Reserve (SBR) distinct 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 currently in its possession, contrary to previous administrations that sold significant amounts of it.
“Sadly, in recent years, the U.S. government has recklessly sold tens of thousands of bitcoins (200,000, according to some estimates) that could have been worth billions and billions of dollars had they not been sold,” remarked President Trump.
In addition, the President mentioned that officials in his administration will pursue options to secure additional bitcoin — at no cost to the American taxpayers.
“The Treasury and Commerce departments will explore fresh avenues to gather more bitcoin for the reserve, as long as it’s done at no expense to the taxpayers,” he stated.
“We do not wish to incur any costs to the taxpayers,” he emphasized, underscoring the idea that the U.S. government aims to acquire bitcoin in a “budget-neutral” (borrowing terminology from last night’s EO) manner.
Attendees
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were in attendance at the summit, along with around 30 notable figures from the Bitcoin and crypto sector, including Strategy Executive Chairman Michael Saylor, Coinbase CEO Brian Armstrong, Gemini co-founders Cameron and Tyler Winklevoss, and BTC Inc. CEO David Bailey.
Other participants from the Trump administration, including Small Business Administration head Kelly Loeffler and White House Crypto Czar David Sacks, were also present.
Both Sacks and Loeffler commended the speed at which Trump is advancing Bitcoin and crypto executive orders and legislation.
“It’s actually quicker than any startup I’ve been involved with,” added the venture capitalist, renowned for his investments in numerous tech startups throughout his career.
Secretary Lutnick testified to President Trump’s newfound knowledge of Bitcoin and crypto, adding that the President has truly come to embrace this technology.
“Blockchain and Bitcoin technology are integral to [the President’s] thought process,” stated Lutnick.
“We’re utilizing blockchain. We’re employing Bitcoin. We will leverage digital assets to [advance] forward, and Donald Trump is leading the charge,” he asserted.
Stablecoins As Currency, Bitcoin As Asset
Now, before you get overly enthusiastic about Secretary Lutnick discussing “utilizing” bitcoin, please be aware that despite all the optimistic bitcoin conversations at the event, not a single mention of bitcoin being used as currency was made. Instead, it was exclusively framed as a savings technology.
As for digital assets that the administration sees as currency, stablecoins are solely regarded.
And Secretary Bessent reiterated this stance, a message previously emphasized at both the first U.S. Press Conference on Digital Assets and the first Subcommittee on Digital Assets hearing, at the summit.
“We are going to put considerable thought into the stablecoin framework,” Secretary Bessent stated. “And as President Trump has mandated, we are going to ensure the U.S. [dollar] remains the leading reserve currency globally, and we will employ stablecoins to achieve this.”
(And before you think of cursing Secretary Bessent silently while reading this, note that he also dropped a fantastic pro-bitcoin line at the event: “President Trump is generating assets for the American public while most preceding presidents have accrued debt.”)
What Wasn’t Discussed
Moreover, during a preview call with senior White House officials this morning, one of the officials debunked the speculation that the administration would eliminate the capital gains tax from crypto transactions (which also applies when you utilize bitcoin or crypto), clearly stating that the administration has no plans to do so and that the topic wouldn’t even be addressed at the summit. (It wasn’t.)
Another topic absent from the summit was whether the U.S. Marshalls have provided the Trump administration with a thorough audit of the bitcoin and other digital assets in their possession (last it was reported, they apparently have little understanding of what they possess). Also not mentioned was how the government plans to safeguard the private keys to the bitcoin it holds in the SBR. (I intended to ask about the latter, but journalists present at the event were not allowed to pose questions.)
However, let’s not become bogged down in some of the currently minor particulars here.
It Was A Positive Day
Instead, let’s take a cue from Brian Armstrong, and acknowledge that today was, by many measures, a successful day.
“It was a rather historic moment for the crypto sector,” Armstrong told Bitcoin Magazine after the conclusion of the summit.
“President Trump truly revitalized this industry. A few years ago, it felt like we were under siege, and some individuals attempted to unlawfully stifle the entire sector. What a transformative experience to be welcomed into the White House and to have the most pro-crypto presidency ever,” he continued.
Armstrong also mentioned that, moving forward, he hopes to see legislation enacted to solidify some of the positive Bitcoin and crypto initiatives initiated under the Trump administration.
“Congress is making significant strides with this, particularly with stablecoin and market structure legislation, and hopefully codifying this Strategic Bitcoin Reserve eventually, as well.”
