Trump's Bitcoin Boost: Crypto Surges Past $90K Ahead of White House Summit

Bitcoin surged past the $90,000 mark following reports of its potential preferential treatment in President Donald Trump’s proposed US crypto reserve strategy. The speculation comes ahead of the White House Crypto Summit, which Trump will host and feature top digital asset industry executives.

Citing Commerce Secretary Howard Lutnick, reports revealed that the strategic cryptocurrency reserve would be on Friday’s agenda for President Trump’s White House Crypto Summit. Lutnick reportedly stated, “The President definitely thinks that there’s a Bitcoin strategic reserve. Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday.”

Trump envisions a strategic Bitcoin reserve, distinguishing it from other cryptocurrencies. Lutnick suggested Bitcoin would receive unique status under Trump’s plans. “So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he added.

Following this news, Bitcoin reclaimed the $90,000 psychological level, with BTC trading for $90,097 as of this writing. According to data, this represents a surge of over 7% since Wednesday’s session opened.

The prospective preferential treatment for Bitcoin is unsurprising given its heft as the pioneer crypto. Similarly, its commodity status, like Ethereum (ETH), also positions it for possible privilege. While Trump has positioned himself as an outspoken advocate for the digital asset industry, he was more inclined toward the king of crypto ahead of the Bitcoin conference in July 2024. In a recent Truth Social post, he emphasized his administration’s commitment to elevating the crypto sector. Specifically, Trump announced that the US crypto reserve would include XRP, SOL, and ADA alongside Bitcoin and Ethereum.

However, Lutnick’s comments suggest that Bitcoin may receive special status under the new framework. While Trump’s announcement has fueled bullish sentiment in the Bitcoin market, it has also sparked significant debate. Some crypto leaders have expressed skepticism about including alternative cryptocurrencies (altcoins) in the US reserve. Critics argue that favoring Bitcoin while treating other tokens differently could create market distortions.

Peter Schiff, a longtime Bitcoin critic, called Trump’s crypto reserve plan “the biggest crypto rug pull of all time.” Meanwhile, other experts had previously