Trump Plans to Announce a Bitcoin Strategic Reserve at the White House Cryptocurrency Summit this Friday

U.S. Secretary of Commerce Howard Lutnick revealed that Trump plans to announce a Bitcoin strategic reserve at the White House cryptocurrency summit this Friday

The United States is edging closer to becoming the global cryptocurrency capital, with President Donald Trump planning to announce a Bitcoin (BTC) strategic reserve at the White House cryptocurrency summit this Friday, March 10th, according to "Pavlovich Today."

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As reported by the news outlet, U.S. Secretary of Commerce Howard Lutnick disclosed Trump's plans at the Economic Club of New York on Monday.

"At the White House cryptocurrency summit this Friday, President Trump will announce the creation of a Bitcoin strategic reserve," Lutnick said.

"This announcement may lay the foundation for the U.S.'s leadership in the digital asset space."

According to Howard's statement, Bitcoin will enjoy a "unique status" compared to other cryptocurrencies within Trump's reserve framework. This aligns with Trump's prior remarks on social media, where he highlighted that the reserve would "elevate this critical industry."

As the summit approaches, Bitcoin's price has recovered from its recent lows and is currently trading above the $90,000 mark. The summit will bring together prominent figures from the cryptocurrency industry, including Coinbase CEO Brian Armstrong, Kraken CEO Jesse Powell, and MicroStrategy Chairman Michael Saylor.

Upon taking office in January, Trump signed several executive orders, which included pledges from the Trump administration to enhance the regulatory landscape for the cryptocurrency industry.

The executive orders also created a task force to devise a clear market structure and classification of digital assets, such as securities, commodities, collectibles, and more.

This follows the Biden administration's cryptocurrency policies, which have focused on strict regulations for the industry. Trump aims to reposition the U.S. as the "world cryptocurrency capital."

Previously, Oskar Aslund, Chief Strategy Officer of European cryptocurrency hedge fund broker AKJ, expressed that the strategic reserve is the "holy grail" for the crypto market.

"It's everything that cryptocurrencies can hope for, transforming from some sort of experiment into the U.S. reserve currency."

Moreover, bipartisan support in the U.S. Congress for Bitcoin and cryptocurrency-friendly legislation is expected to further legitimize Trump's support for the Bitcoin strategic reserve globally.

This integration signifies a substantial shift in policy from the Biden administration and positions the U.S. for a more active role in the global cryptocurrency competition.