A senior White House official has stated that President Donald Trump’s directive to create a bitcoin (BTC) reserve aims to position the original cryptocurrency as a U.S. reserve asset, granting it distinct status from other cryptocurrencies.
The additional crypto stockpile mentioned in the order will primarily consist of assets seized by the U.S. government, the official noted on Friday, just hours before a crypto summit at the White House. The bitcoin reserve is expected to begin with approximately 200,000 bitcoins already in government possession and may attract active investment in the future, provided senior administration officials discover avenues for funding without relying on taxpayer money.
Furthermore, the federal government will initiate an audit to determine the exact amount of crypto it currently has, which will be transferred to the new fund, the official revealed.
Read More: Trump Initiates ‘Fort Knox’ Bitcoin Reserve and Digital Asset Stockpile
The summit on Friday will host numerous crypto industry leaders, including executives from Coinbase, Ripple, Kraken, Gemini, Chainlink, and Robinhood, for a roundtable discussion on industry policy with officials from the Trump administration.
President Trump is expected to attend the 3 p.m. event to discuss the executive order he signed Thursday night, which called for the establishment of the U.S. bitcoin reserve. This reserve, which also includes a stockpile for other cryptocurrencies, will only comprise digital assets obtained through criminal and civil seizures and will not include an active purchasing program, a point that has disappointed some industry observers.
The White House insists that a lack of foresight regarding previously seized crypto has cost the U.S. around $17 billion. The new reserve is intended to hold the bitcoin for an unspecified long term. The administration views bitcoin as the most decentralized cryptocurrency, which offers robust protection against hackers, has a limited supply, and maintains a high value, according to the official.
Because executive orders like the one establishing this new reserve are not permanent legislation, the official indicated that further legislative action would be beneficial to solidify the initiative.
This upcoming summit signifies a crucial moment for the U.S. crypto industry, representing a significant shift from the negative reputation following the 2022 collapse to an opportunity for sharing the sector’s objectives with a supportive White House.
The Republican-led Congress has demonstrated an increase in support for crypto in the early days of this session. Just this week, the Senate voted overwhelmingly to repeal a crypto tax regulation imposed by the Internal Revenue Service during the final days of the Biden administration.
While there were speculations that tax-related issues might arise during the Friday summit, the official clarified that this would not be on the agenda, and the meeting would instead focus on the administration’s intention to reverse the policies from former President Joe Biden’s tenure.
The official also responded to the industry excitement following Trump’s recent mention of other assets in his reserve proposal, suggesting the sector may have interpreted the president’s list of notable cryptocurrencies as more significant than intended. The mentioned assets were cited due to their large market capitalizations, the official explained.
UPDATE (March 7, 2025, 15:35 UTC): Additional comments from a White House official included.
UPDATE (March 7, 2025, 15:46 UTC): Remarks from the White House official regarding taxation added.
UPDATE (March 7, 2025, 15:56 UTC): Comment from the White House official concerning the stockpile of non-BTC assets included.
