Trump: "Don't Sell Bitcoin... Building 'Digital Fort Knox'"

White House Hosts 'Crypto Summit'

Declares End to Crypto Industry Suppression Policies

Confiscated Bitcoin to be Accumulated as 'Strategic Reserve'

Also Exploring Additional Purchase Channels

U.S. President Donald Trump has presented a blueprint for a Bitcoin strategic reserve plan. He has expressed his intention to recognize Bitcoin as 'digital gold' and stockpile it as a national strategic asset.

At the White House Crypto Summit on the 7th (local time), President Donald Trump declared, "I promised last year to make America a Bitcoin superpower and the capital of cryptocurrencies, and I have signed an executive order for strategic reserves to that end. In the future, we will build a digital Fort Knox (a U.S. Army base and Treasury gold depository) for Bitcoin strategic reserves."

President Trump had signed an executive order the previous day to convert approximately 200,000 Bitcoins secured through federal criminal and civil forfeiture procedures into strategic reserves.

He also left open the possibility of expanding the Bitcoin strategic reserve. Trump said, "Never sell Bitcoin," adding, "In the future, we plan to explore ways to hold more Bitcoin additionally without using taxes through cooperation with the Treasury and Commerce Departments, and confiscated cryptocurrencies other than Bitcoin will be held as new reserves."

He also declared an end to the Biden administration's policies suppressing the cryptocurrency industry. President Trump emphasized, "I will end Operation Chokepoint 2.0 (an order blocking banking services to cryptocurrency companies) of my predecessor, President Joe Biden," adding, "Regulations must be terminated to prevent hindering cryptocurrency innovation." Treasury Secretary Scott Bessent, who also participated in the event, added, "The Biden administration did nothing but attack and punish industry innovators."

It is known that the Securities and Exchange Commission (SEC), which had filed lawsuits against numerous cryptocurrency companies during the Biden administration, has halted 11 related lawsuits and investigations since President Donald Trump took office.

He also mentioned efforts to promote the cryptocurrency industry, including stablecoin legislation. He stated, "Cryptocurrencies are pioneering a path that can help economic growth and innovation. Among them, stablecoins will help establish the U.S. dollar as the dominant currency," adding, "To support this, we aim to pass stablecoin-related legislation before the congressional recess in August."

Although President Donald Trump hosted the first-ever 'Crypto Summit' at the White House and expressed his intention for strategic cryptocurrency reserves, market reaction was somewhat lukewarm. This is interpreted as investors' disappointment that he did not mention specific cryptocurrency purchase plans they had anticipated. Bitcoin, which had been trading at around $88,000 before the Crypto Summit, fell to the $86,000 range after President Trump's speech.