Crypto summit: Trump is once again strong for industry

Donald Trump received the crypto summit in the White House.

Source: Jim Watson/AFP

US President Donald Trump received leading representatives of the cryptocurrency industry in the White House on Friday and again confirmed his support for the sector. “Last year I promised to make America a Bitcoin superpower of the world and the crypto capital of the planet, and we will take historical measures to redeem this promise,” said Trump to the leading representatives of the industry.

Trump wants to follow the rule of Bitcoin investors

The US government had “sold tens of thousands of additional bitcoins in the past few years, which would have been worth the billions and a millions of dollars if they hadn't sold them,” said Trump in his opening speech.

From that day on, America will follow the rule that every Bitcoin investor knows very well: never sell your Bitcoin.

Donald Trump, US President

The “crypto summit” represents a strong political upgrading in the industry that has many critics. Trump's crypto representative David Sacks invited leading crypto entrepreneurs and investors to the meeting. The founders of the Gemini, Cameron and Tyler Winklevoss crypto exchange, and Michael Saylor, the head of the great Bitcoin investor Microstrategy were on the guest list.

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Trump introduces crypto currency reserve

On the eve of the “summit”, Trump had already put his announcement into action to introduce a crypto currency reserve. According to Sacks, he signed a decree for setting up a “strategic Bitcoin reserve” on Thursday. According to this, the government's crypto reserve is to be compiled from digital currencies that have been confiscated in criminal proceedings in the USA.

The currency reserve is “a kind of digital Fort Knox”, Sacks explained on Thursday with reference to the camp of the US gold reserves in the US state of Kentucky. Trump fulfills with the crypto reserve of one of his election promises, argued the AI and crypto officer.

A few days ago, Trump had announced that he wanted to add five cryptocurrencies to the United States strategic currency reserve. Next to the Bitcoin And Ethereum are the smaller currencies XRP, Solana and Cardano. According to Sacks, the Ministry of Commerce and Finance will be able to acquire further Bitcoin for the reserve in the future – but without financial burden for taxpayers.

Through government measures against criminal networks, the US government already has tens of thousands of Bitcoin. Sacks put the current inventory on around 200,000 units. With a Bitcoin course of around $ 88,000, this corresponds to a total value of over $ 17 billion.

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Crypto industry supported Trump election campaign with millions

Trump had announced before his election in November, in departure from the course of the then president Joe Biden to deregulate the crypto sector. In the election campaign, he was supported by the crypto industry with millions of donations. Trump has been working as a businessman in the crypto industry since last year, which has triggered allegations of conflicts of interest. He and his wife Melania also launched so -called memoins, i.e. cryptocurrencies that build on Internet content.

In the first weeks after his return to the White House, Trump had already taken concrete steps to promote the crypto industry. So he nominated the crypto friend Paul Atkins as the new head of the Börsen supervisory authority Sec. Under Atkins, the authority then investigated several crypto platforms such as Coinbase and octopuses. Restriction for banks with crypto stocks were also lifted under Trump.

The participants of the crypto summit have now praised Trump's initiative in detail. Sacks joked that a participant told him before the start of the summit that he had “considered it more likely to end up in prison a year ago than in the White House”.

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Source: dpa

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Those: AFP, DPA

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