US Commerce Secretary Howard Lutnick has announced that the Trump administration is set to disclose plans for a strategic Bitcoin reserve at the upcoming White House Crypto Summit on March 7.
In an interview with The Pavlovic Today, Lutnick emphasized that Bitcoin (BTC) will likely hold a unique position in the nation’s national cryptocurrency reserve, which is expected to encompass Ether (ETH), Solana (SOL), Cardano (ADA), and XRP (XRP).
“The president definitely believes there’s a Bitcoin strategic reserve,” Secretary Lutnick stated. “Now, the question will be how we approach the other cryptocurrencies. I think we will be revealing the model this Friday.”
President Donald Trump has encountered backlash since informing the public via social media that the country’s crypto reserve would include assets beyond Bitcoin. Detractors argue that centralized altcoins should not be included alongside Bitcoin, the sole decentralized commodity recognized as a long-term store of value.
Source: Anthony Pompliano
Even well-known Bitcoin critic Peter Schiff, who declined to invest in the digital asset when it was below $100, acknowledged the reasoning behind a BTC-only reserve but disagreed with including altcoins.
Source: Peter Schiff
In his response, Lutnick reaffirmed Trump’s intention for a Bitcoin-only stockpile while not dismissing the inclusion of other proposed assets.
“So Bitcoin is one entity, and the other currencies and crypto tokens, I believe, will be regarded differently — positively, but with distinction,” said Lutnick.
Related: As Trump impacts Bitcoin, PMI outlines the future pathway
White House Crypto Summit Gains Momentum
President Trump is set to host the inaugural White House Crypto Summit on March 7, with up to 25 participants confirmed thus far. The guest list features prominent figures such as Strategy founder Michael Saylor, Chainlink co-founder Sergey Nazarov, and Coinbase CEO Brian Armstrong.
Source: Eleanor Terrett
The summit symbolizes the US government’s pivotal shift toward digital assets under President Trump, who pledged to establish America as the leading hub for blockchain and crypto during his election campaign.
During Trump’s administration, the Securities and Exchange Commission has initiated a Crypto Task Force to develop a “sensible regulatory framework” for the sector. The task force has already consulted various industry stakeholders to gain insights into their regulatory challenges.
Simultaneously, the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence has collaborated with industry experts on various matters, from stablecoin regulations to determining which agency should oversee the spot market authority for cryptocurrencies.
Related: Trump’s crypto initiatives raise conflicts of interest and insider trading concerns
