Trump Administration to Announce Bitcoin Strategic Reserve Ahead of the First-Ever White House Crypto Summit

The announcement is set to come ahead of the first-ever White House crypto summit on Friday.

The administration plans to announce the creation of a Bitcoin reserve as part of a broader initiative to regulate cryptocurrencies, Commerce Secretary Howard Lutnick has said.

The announcement is set to come ahead of the first-ever White House crypto summit on Friday.

Lutnick, who is also the CEO of holding company, chatted with reporters on Monday, offering insights into Trump’s administration's stance on crypto.

“The President thinks that there’s a Bitcoin strategic reserve. And they’re going to be announcing on Friday a framework for how to handle cryptocurrencies,” Lutnick said.

This news comes as no surprise given that Trump has been showing an increasing interest in cryptocurrencies during his presidential campaign.

Earlier this year, Trump expressed his admiration for Bitcoin, highlighting its potential to revolutionize the financial system.

“I like Bitcoin. I think it's a remarkable thing. It's a revolution in currency, in particular, and the president is a fan,” Lutnick added.

During his campaign trail promises, Trump highlighted his support for digital assets and his administration's efforts to create a regulatory framework for cryptocurrencies.

The administration officials have been working to balance the potential benefits of crypto innovation with the need for consumer protection and macroeconomic stability.

The news of the Bitcoin reserve comes as no surprise given that the administration officials have previously stated that they are considering ways to integrate Bitcoin into the U.S. financial system.

Earlier this year, the administration officials also announced plans to develop a U.S.-based stablecoin to serve as an alternative to the Chinese-backed initiative.

The administration's move to create a Bitcoin reserve could be a game-changer for the U.S. economy.

By holding a reserve of Bitcoin, the government would essentially be backing Bitcoin, giving it more security and legitimacy by integrating it into the financial system.