Trump Vows to Boost US Bitcoin Reserve Amid Crypto Policy Shift Stocks Surge

During the first White House Cryptocurrency Summit held on March 7, President Donald Trump reaffirmed his commitment to supporting cryptocurrency and positioning the United States as a global leader in digital assets. He emphasized the importance of American leadership in the crypto race, comparing it to the significance of leading in artificial intelligence. Trump vowed to reverse restrictive policies and ensure that the federal government can never sell Bitcoin again, stating that his administration is working on methods to accumulate more Bitcoin without impacting taxpayers.

Trump criticized the Biden administration for what he termed a "war on crypto," announcing the formal end of Operation Chokepoint 2.0, a policy seen as restricting financial services for crypto firms. He blamed regulators and the Biden administration for harmful policies that caused suffering for people in the industry. Trump also highlighted that the Treasury is developing methods to accumulate more Bitcoin and ensure the US dollar maintains its dominance as the world’s reserve currency through the use of stablecoins.

US Treasury secretary Scott Bessent, now in charge of managing the Bitcoin reserve, echoed Trump's sentiments, criticizing Biden’s approach to the industry. Bessent stated that the Trump administration is working with the IRS to rescind previous guidance that has stifled the industry and collaborating with lawmakers to develop a comprehensive regulatory framework for crypto and stablecoins. This framework aims to ensure that the US dollar remains the dominant global reserve currency.

Trump's executive order to establish a U.S. Bitcoin Reserve, funded from seized assets, is part of a broader strategy to boost the country's digital currency standing and reduce national debt. The order also includes plans to create a digital assets stockpile, fulfilling promises made by Trump last year. The summit, attended by industry leaders and officials, focused on establishing a U.S. Strategic Cryptocurrency Reserve, potentially including various digital assets.