On Tuesday, Commerce Secretary Howard Lutnick shared some intriguing news during an interview: President Donald Trump is gearing up to announce a strategic reserve centered around bitcoin later this week.
While chatting with The Pavlovic Today, an independent news outlet, Lutnick mentioned that the President is quite sure about establishing a “bitcoin strategic reserve.” The details are set to be unveiled this Friday during the White House’s first-ever crypto summit.
He hinted at bitcoin enjoying a somewhat “unique status” compared to other digital currencies within this reserve framework. “Bitcoin stands on its own,” Lutnick pointed out, “but when it comes to other cryptocurrencies, they are likely to be handled differently—not negatively, just in a different yet positive light.”
These statements from the Commerce Secretary echo President Trump’s recent online declarations. On social media, Trump has been advocating for a bitcoin-focused crypto reserve, emphasizing it would “boost this vital sector despite the corruptive challenges from the Biden Administration.”
Interestingly, just the mere hint of this announcement sent bitcoin prices soaring past $90,000, up from less than $85,000 as of Monday. This spike contributed to the overall crypto market climbing back over the $3 trillion mark, all in anticipation of the upcoming summit.
This Friday’s event promises to gather leading figures in the bitcoin and crypto world, including executives, investors, and regulators, all aiming to develop a comprehensive approach for managing and innovating cryptocurrencies in the U.S. Notable attendees will be Coinbase’s Brian Armstrong, Kraken’s Jesse Powell, and Michael Saylor of MicroStrategy, to name a few.
This summit comes on the heels of Trump’s executive order, which tasked officials with focusing on the “responsible growth” of digital assets. President Trump aspires to reclaim the position of the U.S. as the “crypto capital of the world,” counteracting the restrictive measures previously implemented under the Biden administration.
With increasing bipartisan enthusiasm backing pro-crypto legislation in Congress, Trump’s initiative to establish a strategic bitcoin reserve could firmly place these digital assets on the global stage.
