President Trump hosted a first-of-its-kind summit with top figures in the U.S. cryptocurrency industry at the White House. The executives, worth billions of dollars, applauded the president upon his entrance to the State Dining Room. Trump initiated a complete transformation in federal policy on crypto, signaling a shift away from the aggressive stance taken by the Biden administration.
Since taking office, Trump has shown a personal interest in the industry and embraced digital currencies. Last year, he launched World Liberty Financial with a direct profit-sharing agreement, and created a memecoin called $Trump. The industry has spent millions supporting Trump and he has appointed crypto-friendly figures to key administration positions.
During the summit, Trump discussed plans to create a national reserve of Bitcoin and other cryptocurrencies. Crypto executives supported this move as a way to reduce the national debt, while skeptics criticized it as a scheme to enrich investors. The meeting was described as cordial, with little room for debate or disagreement among participants.
Trump praised the industry as crucial for America’s future and promised to make the country a global leader in Bitcoin and crypto trading. His goal is to establish a virtual Fort Knox for national crypto holdings and urged attendees to never sell their Bitcoin. David Sacks, the White House’s crypto policy czar, commended Trump for his leadership in moving quickly on tech issues. The summit was seen as a turning point in U.S. crypto policy and a significant step towards mainstream acceptance of the industry.
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