Trump’s Crypto Summit – Bitcoin, Altocoin Prices Swing
The White House hosted its first crypto summit last night, with President Donald Trump taking center stage and promising a Bitcoin-friendly future. He urged Congress to draft new digital asset regulations and send them to his desk before August. The move marks a clear shift from previous administrations. Trump’s pro-crypto stance has energized the industry, and many believe it could position the U.S. as the global leader in Bitcoin and digital assets.
Strategic Bitcoin Reserve
A major takeaway from the crypto summit was Trump’s announcement of a Bitcoin strategic reserve. He compared it to a “virtual Fort Knox” for digital gold. The U.S. will store Bitcoin acquired from civil and criminal forfeitures. While the government isn’t buying more Bitcoin yet, officials hinted at exploring budget-neutral ways to do so. This move gives Bitcoin further legitimacy. Investors now see it as a recognized part of the financial system.
Coinbase CEO Brian Armstrong’s Optimism
Coinbase CEO Brian Armstrong walked out of the summit with confidence. He announced plans to hire 1,000 new employees in the U.S. this year. The crypto industry sees Trump’s policies as a tailwind. Regulatory uncertainty had previously pushed companies to consider moving overseas. Now, firms like Coinbase are doubling down on American expansion. The SEC has also dropped enforcement actions against major crypto firms, giving businesses a fresh start.
Market Reactions: Bitcoin Steady, Altcoins Struggle
The market had mixed reactions after the crypto summit. Bitcoin showed resilience, hovering around $86,000. But altcoins like XRP, Solana, and Cardano saw sharper declines. Many traders expected more from Trump’s announcement. They had hoped for a stronger commitment to altcoins in the Bitcoin reserve. The market’s initial excitement faded when it became clear that Trump’s mention of these assets was not a firm policy.
The summit, chaired by Trump’s AI & Crypto Czar David Sacks, was expected to deliver groundbreaking policies. Instead, it provided a more measured outcome: a framework for stablecoin legislation before August and promises of a lighter regulatory touch. While this reassured some in the industry, it failed to spark the massive rally that traders had anticipated. Altcoins suffered the most, with XRP dropping 3.5%, Cardano’s ADA falling over 5%, and Solana’s SOL declining by 4%. Meanwhile, Trump criticized the government’s past approach, calling it “foolish” that so much seized Bitcoin had been sold off. He suggested the U.S. should follow a principle of “never sell your Bitcoin”, reinforcing its role as digital gold.
The Road Ahead for U.S. Crypto Policy
Trump’s crypto summit is just the beginning. His administration is pushing for clear regulations that support innovation. While his stance has shifted dramatically from skepticism to advocacy, he remains cautious. “Never sell your Bitcoin,” he joked, though he admitted he wasn’t sure if that was the right strategy. Lawmakers now have until August to draft the legislation he wants. If they deliver, the U.S. could cement itself as the global hub for crypto.
The industry is watching closely. With Coinbase expanding, Bitcoin gaining legitimacy, and Trump’s backing, crypto’s future in the U.S. looks brighter than ever.
