“Starting today, America will adhere to the principle well-known among Bitcoin enthusiasts — never sell your Bitcoin.” -President Donald Trump, 3/7/25 at the inaugural White House Crypto Summit
The President of the United States is now echoing well-known Bitcoin principles as they relate to America’s Bitcoin holdings.
Unbelievable.
It’s apparent he understands that Bitcoin is fundamentally different from other digital assets.
This was evidenced not only by his remarks at the Crypto Summit today but also by his signing of an executive order (EO) the previous night, creating a Strategic Bitcoin Reserve (SBR) separate from a Digital Asset inventory.
The Strategic Bitcoin Reserve
Concerning the SBR, the President stated today that the U.S. intends to retain the Bitcoin it currently possesses, in contrast to earlier administrations that sold large portions of it.
“Regrettably, in recent years, the U.S. government has unwisely sold tens of thousands of Bitcoin (estimates suggest around 200,000) which were worth billions had they been retained,” remarked President Trump.
Nonetheless, the President also indicated that members of his administration would explore avenues to acquire more Bitcoin — without incurring costs to American taxpayers.
“The Treasury and Commerce departments will look into innovative ways to procure additional Bitcoin for the reserve, ensuring it comes at no expense to taxpayers,” he said.
“We will ensure there is no financial burden on the taxpayers,” he emphasized, underlining that the U.S. government’s plan to accumulate Bitcoin would be executed in a “budget-neutral” manner (to borrow wording from last night’s EO).
Attendees
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick attended the summit alongside approximately 30 influential figures from the Bitcoin and crypto sectors, including Strategy Executive Chairman Michael Saylor, Coinbase CEO Brian Armstrong, Gemini co-founders Cameron and Tyler Winklevoss, and BTC Inc. CEO David Bailey.
Other officials from the Trump administration, including the head of the Small Business Administration, Kelly Loeffler, and White House Crypto Czar David Sacks, were also in attendance.
Both Sacks and Loeffler commended the rapid strides Trump is making with Bitcoin and cryptocurrency executive orders and related legislation.
“Your administration is operating at tech [startup] speed,” remarked Sacks.
“It’s even faster than any startup I’ve been part of,” added the venture capitalist, well-known for his investments in numerous tech startups throughout his career.
Secretary Lutnick attested to President Trump’s new-found knowledge of Bitcoin and cryptocurrency, adding that the President has genuinely embraced the technology.
“Blockchain and Bitcoin technology are integral to [the President’s] vision,” stated Lutnick.
“We’re leveraging blockchain and Bitcoin. Digital assets will help us move forward, and Donald Trump is taking the lead,” he continued.
Stablecoins As Money, Bitcoin As Store Of Value
Now, before you become overly enthusiastic about Secretary Lutnick discussing the “usage” of Bitcoin, it’s important to note that despite the optimistic Bitcoin discussions at the summit, there was no mention of Bitcoin being used as a currency. Instead, it was solely referred to as a storage technology.
The administration views stablecoins as the primary digital assets that can function as currency.
Secretary Bessent underscored this message, which he recently reiterated at both the inaugural U.S. Press Conference on Digital Assets and the first Subcommittee on Digital Assets hearing, during the summit.
“We will dedicate significant thought to the stablecoin framework,” said Secretary Bessent. “As directed by President Trump, we will ensure the U.S. dollar remains the premier reserve currency globally, utilizing stablecoins to achieve this.”
(And before you consider venting your frustrations toward Secretary Bessent, note that he also delivered a strong pro-Bitcoin statement at the summit: “President Trump is creating assets for the American people while most of his predecessors have created debt.”)
What Wasn’t Discussed
Moreover, during a preview call with senior White House officials this morning, one official refuted rumors that the administration would eliminate the capital gains tax on cryptocurrency transactions (also applicable when spending Bitcoin or other cryptos), clarifying that there are no plans for this topic to even be addressed at the summit. (It was not.)
Another topic not broached at the summit was whether the U.S. Marshals have conducted an adequate audit of the Bitcoin and other digital assets in their custody (last reported, they seemed to have limited knowledge of what they actually hold). Additionally unmentioned was how the government intends to secure the private keys for the Bitcoin held in the SBR. (I intended to ask about this, but the attending press members were not permitted to pose questions.)
However, let’s not get bogged down in these relatively minor details.
It Was A Good Day
Instead, let’s take a cue from Brian Armstrong and acknowledge that today was, on many accounts, a noteworthy day.
“This was a remarkably historic moment for the cryptocurrency industry,” Armstrong stated to Bitcoin Magazine after the summit concluded.
“President Trump has reinvigorated this industry. A few years back, it felt like we were under siege, with some attempting to unlawfully eliminate the entire sector. What a transformative change to be welcomed into the White House and to have the most pro-crypto president in history,” he added.
Armstrong also expressed his desire to see legislation passed to solidify the positive Bitcoin and cryptocurrency initiatives initiated under the Trump administration.
“Congress is making commendable progress on this with stablecoin and market structure legislation, and hopefully codifying this Strategic Bitcoin Reserve in due course.”
