Put on March 7 with big letters in your agenda, because American President Donald Trump organizes the very first crypto summit in the White House that day. It is seen as an important step in the direction of Trump’s mission to position the country as a leader in the crypto world. Does Bitcoin (BTC) finally get a move in the back, or will it be the umpteenth disappointment for investors?
White House Crypto Summit
Yesterday, David Sacks, Trump’s top advisor in the field of AI and Crypto, announced that the president will host the very first ‘White House Crypto Summit’ next Friday. Sacks, also known as the ‘Crypto Sczar’, takes the lead over the meeting.
Among the guests are influential founders, CEOs and investors from the crypto industry, as well as members of the new crypto working group. Bo Hines, the director of this working group, takes care of the organization of the Summit.
The crypto working group, officially called ‘Presidential Working Group on Digital Asset Markets’, was compiled last month after Trump signed a decree. This group has been instructed to ” work on a legal framework, so that the crypto industry gets clarity what it asks for and can flourish in the US ”.
No details were brought out about what exactly will be discussed during the Summit. Chances are that it will lay the foundation for creating clear regulations for industry. But investors mainly hope that something is said about the strategic national Bitcoin reserve.
Is the strategic bitcoin reserve discussed?
During his election campaign, Donald Trump promised Bitcoiners that the crypto coin would be given a place in the American treasury. So far, little has ended up, but within the crypto working group, investigating a Bitcoin reserve is priority.
The fact that the US government is seriously looking at the inclusion of Bitcoin in the national reserves is in itself groundbreaking news. It would mean a huge shift in how governments worldwide approach digital assets. Nevertheless, the market seems to have expected more – investors hoped for rapid official approval, which will not be achieved for the time being.
With the upcoming crypto summit on March 7, speculation will grow again. If a concrete plan for a Bitcoin reserve is announced, it can give a huge boost to the course and trust in the market. But if the summit ends without major decisions, it can lead to frustration and volatility. But the fact that this meeting takes place at all, is already marking a historical change after years of hostility to industry.
Anyway, it promises to be an exciting day for the Bitcoin course.
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Source: https://newsbit.nl/trump-organiseert-historische-crypto-top-in-witte-huis-op-7-maart/
