Bitcoin fell 3.4% to $86,394 following the White House Digital Assets Summit, where President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve but did not provide clear details on future government crypto acquisitions.
- Investors were disappointed by the summit’s lack of clarity, as markets had anticipated a stronger commitment regarding the expansion of the reserve.
High-Profile Attendees but Few Answers
Prominent Guests
The summit brought together key industry figures, including
- Ripple CEO Brad Garlinghouse
- Coinbase CEO Brian Armstrong
- Kraken CEO Arjun Sethi
- Robinhood CEO Vlad Tenev
- Chainlink Labs Co-Founder Sergey Nazarov
It’s easy to get lost in some of the maxi-induced noise, but there’s so much more to this industry than the infighting and one coin versus another time-wasting rhetoric.
We will – as we’ve always done — continue to champion the need for a level playing field (and it was great to hear others in the room echo this as well!) and for the industry to come together to move much needed legislation forward in the US.
Brad Garlinghouse, Ripple
How Will the US Establish the Bitcoin Reserve
David Sacks, the White House crypto czar, outlined that the U.S. government’s Bitcoin Reserve would be funded using seized Bitcoin from asset forfeitures, not taxpayer dollars.
- Additionally, a U.S. Digital Asset Stockpile would be created to manage other digital assets similarly acquired.
Why XRP, SOL, and ADA are Included?
David Sacks clarified why XRP, Solana (SOL), and Cardano (ADA) were mentioned in Trump’s initial announcement of a digital asset stockpile:
Trump’s Crypto Stockpile: Market Cap Dictates Inclusion
- According to Sacks, these tokens were included simply because they are among the top five cryptocurrencies by market capitalization, with no deeper significance beyond that ranking.
He further stated the possibility of lending or staking the government’s crypto assets, with the Treasury Department managing rebalancing and sales strategies to serve long-term interests.
Market Reacts to Lack of Concrete Plans
Despite the summit’s focus on industry support, the market was unimpressed.
- Investors reacted negatively to the lack of details on whether the U.S. government would actively purchase Bitcoin or simply hold its existing holdings.
- This uncertainty contributed to Bitcoin’s price decline, which erased most of the gains made after Trump’s initial announcement of a U.S. crypto reserve.
In an attempt to address concerns, the Office of the Comptroller of the Currency (OCC) made a separate announcement, stating that banks can now engage in certain crypto-related activities without prior regulatory approval.
- This policy shift is expected to make it easier for U.S. financial institutions to participate in the crypto market.
Trump Reaffirms Crypto Commitment
During his speech, Trump emphasized that the U.S. would no longer sell its Bitcoin holdings, criticizing past government sales that he claimed had cost taxpayers billions in lost value.
- He described the reserve as a “digital Fort Knox” and vowed to make the U.S. the “crypto capital of the world.”
However, market analysts remained cautious, with some noting that while Trump’s pro-crypto stance is a major shift from the previous administration, investors were expecting more than just rhetoric—especially regarding government Bitcoin acquisitions and broader crypto regulation.
This article is published on BitPinas: Bitcoin Drops 3.4% as Trump’s Crypto Summit Lacks Key Details
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