Trump vows to make U.S. the ‘Bitcoin superpower’

At the White House crypto summit on March 7, Trump promised to make the US the global “Bitcoin superpower”, adding that the nation will never sell the token.

Trump opened the summit with the following remarks:

Unfortunately, in recent years, the U.S. Government sold tens of thousands of additional Bitcoin that would have been worth billions of dollars … Never sell your Bitcoin. That’s a phrase they have, I don’t know whether it’s wrong or right.

Donald Trump

Trump says they will not sell any Bitcoin while promising to eliminate restrictive policies in the industry

Joined by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and White House AI and Crypto Czar David Sacks, Trump addressed more than twenty crypto executives and federal agency reps at the summit, reaffirming his commitment to the crypto industry.

During the summit, he stated that he would work to eliminate restrictive crypto policies and hoped lawmakers would submit crypto regulation proposals to his desk before the August recess. 

Furthermore, he heavily criticized Biden’s administration for imposing stifling crypto policies, arguing that people really suffered under those policies. He also called out the previous administration for softening their stance on the crypto industry only when the election season approached.

On Thursday, Trump signed an executive order to establish a BTC reserve and separate digital asset stockpile for the other cryptocurrencies, with the government’s crypto holdings acquired from criminal and civil litigation. 

From his words at the summit, it seems that none of the government’s Bitcoin, estimated at 200000 BTC, will be sold off, stating that the government will never sell their Bitcoin. However, he said that the Treasury could sell the other assets in the Digital Asset stockpile.  

He also said that the treasury is still working on more budget-neutral strategies to obtain Bitcoin. Moreover, he likened the crypto race to that of AI, insisting that it’s vital the US takes a lead in the industry just as it has in the AI sector.

Trump also claimed that he wanted the US to become the “Bitcoin superpower” of the world. However, contrary to analyst expectations, the president did not address removing taxes on crypto assets at the summit.

David Sacks wants the American public to do thorough research before they invest in any crypto assets

Sacks told reporters on Friday that Bitcoin is special, seemingly supporting Trump’s decision not to sell the token.

He further justified the launch of Trump and his family’s memecoin projects, saying the president’s personal crypto projects are “irrelevant” to the government’s crypto work. 

Additionally, he stated that the current administration is prioritizing making the country the world capital of crypto, establishing fair and clear regulations, and protecting investors.

However, he refrained from trying to persuade Americans to purchase crypto, saying they should research what assets they want to invest in since it is a very volatile industry. He added that the crypto industry is not for everyone.

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