On March 7, 2025, President Donald Trump kicked off the first White House Digital Asset Summit, welcoming attendees with the words, “Welcome to the first White House Digital Asset Summit.” He went on to say, “Last year, I promised to make America the superpower of Bitcoin, and now we’re taking big steps to fulfill that promise.” This thrilled crypto investors, including founders, CEOs, and other stakeholders in the industry.
“Welcome to the first-ever White House Digital Asset Summit. Last year, I promised to make America the Bitcoin superpower of the world, AND WE’RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE.” –President Donald J. Trump 🇺🇸 pic.twitter.com/nqUrHQ1xLl
— President Donald J. Trump (@POTUS) March 8, 2025
The summit took place in the White House’s State Dining Room, where a portrait of Abraham Lincoln hung on the wall. Trump is genuinely committed to his pledge to make America the “biggest hub for crypto.” Just a day earlier, on March 6, he launched the Strategic Bitcoin Reserve.
This reserve includes around 200,000 Bitcoins, seized through police and court actions, which will now become U.S. property. These won’t be sold but held, much like a gold reserve. Trump’s “Crypto Czar,” David Sacks, dubbed it the “Digital Fort Knox”. A second reserve was also created to hold other cryptocurrencies like Ethereum, XRP, Solana, and Cardano, though the government might decide to sell these later.
However, according to NPR reports, Trump wasn’t always a Bitcoin fan. Back in 2019, he called it a “scam.” But by the 2024 election, his stance had shifted. Crypto investors rallied behind him, pouring in massive funds—reports suggest over $245 million was spent on the election alone. After Trump’s victory, Bitcoin’s price soared past $100,000 in December 2024. It has since dipped to around $86,000.
The summit saw big names in attendance, including Coinbase’s Brian Armstrong, MicroStrategy’s Michael Saylor, Robinhood’s Vlad Tenev, and the Winklevoss twins, Cameron and Tyler. David Sacks led the event, with Bo Hines assisting. Trump addressed the crowd, saying, “You guys have been fighting for this for years,” and promised that the government would ease up on crypto restrictions. Sure enough, the Securities and Exchange Commission halted actions against several major companies.
However, not everyone is pleased, according to NBC News and The Washington Post. Some investors felt the government should have bought new Bitcoins to drive prices higher. Since that didn’t happen, Bitcoin dropped to $87,000. Critics argue it’s risky to invest in something so volatile, but Trump insists the funds come solely from seized assets, not new spending.
Trump isn’t stopping at Bitcoin. He previously mentioned XRP, Solana, and Cardano on social media, briefly boosting their prices. At the summit, Treasury Secretary Scott Bessent said they’d keep the dollar as the world’s top currency but strengthen it with stablecoins.
Trump declared, “America will do what Bitcoiners say: never sell your Bitcoin.” This delighted crypto fans, though how it’ll work remains unclear. He wrapped up by saying, “We’re on a new path,” a statement that truly matters to an industry once on the fringes and now closer to power.