Speaking at the historic event, Trump stated, “Yesterday, I signed an executive order officially creating our strategic bitcoin reserve, and this will be a virtual Fort Knox for digital gold to be housed within the United States treasury.” He emphasized the significant holdings already owned by the federal government, which amount to around 200,000 bitcoin obtained through various law enforcement actions.
Trump criticized past federal policies, particularly under President Joe Biden, noting the government “foolishly sold tens of thousands of additional bitcoin that were worth billions and billions of dollars had they not sold them.” He introduced a new guiding principle for the administration, advising, “From this day on America will follow the rule that every bitcoiner knows very well, never sell your bitcoin.”
The president also directed the Treasury and Commerce departments to identify cost-free methods to increase bitcoin holdings. Trump assured attendees, “The Treasury and Commerce departments will also explore new pathways to accumulate additional bitcoin holdings for the reserve, provided it’s done at no cost to the taxpayers.”
Addressing regulatory concerns, Trump highlighted plans to end “Operation Choke Point 2.0,” criticizing the Biden administration for allegedly pressuring banks to close accounts tied to crypto businesses. “Regulators strong-armed banks into closing the accounts of crypto businesses and entrepreneurs,” Trump remarked, pledging this practice would cease under his watch.
Trump concluded by voicing support for Congress’ legislative efforts regarding stablecoins and digital assets, urging swift passage of regulatory clarity before the August recess. Following the summit, bitcoin prices continued to slide, dropping below the $86,000 range right after the livestream ended.
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