Trump administration plans Bitcoin reserve amid crypto debate

The U.S. government is poised to unveil a strategic Bitcoin (CRYPTO:BTC) reserve, with President Donald Trump's Commerce Secretary, Howard Lutnick, confirming plans for its announcement at the White House Crypto Summit.

This move has already sparked a significant increase in Bitcoin's price, which surged past $90,000 following Lutnick's statement.

Lutnick indicated that Bitcoin would likely hold a special status in the proposed reserve, which may also include other cryptocurrencies like Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), Cardano (CRYPTO:ADA), and XRP (CRYPTO:XRP).

The summit aims to establish a regulatory framework for digital assets and outline how other cryptocurrencies will be handled within the reserve.

Critics have expressed concerns about including centralised altcoins alongside Bitcoin, citing its unique decentralised nature.

Noted Bitcoin critic Peter Schiff understands the rationale behind a Bitcoin-only reserve but questions the inclusion of altcoins.

The White House Crypto Summit will bring together influential figures from the cryptocurrency sector to discuss regulatory oversight and innovation.

Trump has emphasised his commitment to elevating the crypto industry, stating that the reserve will help make the U.S. the "crypto capital of the world."

As the crypto market capitalisation surpassed $3 trillion, optimism around Trump's announcement has been described as "monumental" by former Coindesk editor-in-chief Pete Rizzo.

The event marks a significant shift in U.S. cryptocurrency policy under the Trump administration.

Trump's initiative follows his executive order aimed at promoting the responsible growth of digital assets, reflecting a broader effort to reposition the U.S. as a leader in the crypto space.

The summit and the proposed reserve are expected to play a crucial role in shaping the future of cryptocurrency regulation in the U.S.

At the time of reporting, the Bitcoin (BTC) price was $90,523.73.