Matrixport: The crypto summit may drive short-term market trends, and the U.S. government might use gold reserves to purchase Bitcoin

Odaily Planet Daily reports that Matrixport released a weekly report stating that with the upcoming White House cryptocurrency summit on Friday, any positive headline news could boost short-term momentum, but structural weaknesses in the market and macroeconomic headwinds remain key risks. If Trump conveys strong support for cryptocurrencies, it could inject new vitality into the market, but its sustainability depends on a broader economic and policy environment. This summit is the first in White House history specifically targeting cryptocurrencies. This aligns with efforts by the Trump administration to promote a pro-cryptocurrency agenda, reversing Biden's era of strict regulation.

 

A key focus of the White House crypto summit is expected to be Trump's proposed U.S. strategic cryptocurrency reserve. On March 2nd, 2025, Trump announced via his personal social media platform Truth Social that this reserve will include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Cardano (ADA), with Bitcoin and Ethereum forming the "core" of reserves. The announcement made by Trump on March 2 caused cryptocurrency prices to soar; XRP, SOL and ADA initially rose as much as 60%, while Bitcoin and Ethereum increased by more than 10%. The market is currently closely watching the outcome of the summit and expects further price fluctuations in future.

 

Trump's social media post sparked speculation about establishing a bitcoin strategic reserve but understanding differences are crucial here - "reserve" implies active accumulation whereas January’s executive order focused on assessing digital asset reserves suggesting a more passive strategy – mainly holding $20 billion worth seized cryptocurrencies(97.9% being bitcoin) rather than making additional purchases.

 

The US government may use gold reserves to fund bitcoin purchases especially if plans for strategic bitcoin reserves move forward. Senator Cynthia Lummis' 'Bitcoin Act' suggests using gold's current market value - approximately $688 billion which far exceeds its book value of $110 billion - to purchase 1 million bitcoins within five years. This could mean selling gold at market prices and reallocating the proceeds.