Trump’s Potential Bitcoin Reserve Contemplated at Crypto Summit

President Trump could sign an executive order for a Bitcoin reserve at the March 7 Crypto Summit. Plans include acquiring more Bitcoin rather than just holding onto seized assets, plus potential tax reforms. The situation is still evolving, with options and announcements being mulled over.

In a surprising turn of events, U.S. President Donald Trump is reportedly on the verge of signing an executive order to establish a Bitcoin reserve during the upcoming White House Crypto Summit on March 7. The news, courtesy of Bloomberg, suggests this reserve would actively acquire more Bitcoin instead of simply holding onto what the U.S. has acquired through seizures linked to criminal activities. It’s quite the game-changer, if true.

But that’s not all. A range of potential actions are still on the table; Trump could also announce a halt to selling seized crypto, pivoting towards building up a national stockpile. This could mean the U.S. would start to use its crypto holdings like some kind of futuristic treasure chest rather than letting them slip away. Amid all this, tax implications of cryptocurrencies are under review and may require a thumbs-up from Congress.

On top of that, there is chatter that Trump is weighing a few options, and as Bloomberg notes, plans might shift or even fizzle out. So, it’s still very much a waiting game. Word has it that Trump’s World Liberty had a bit of a boost recently, purchasing a cool $20 million worth of crypto just ahead of the summit.

Earlier this year, Trump signed an executive order initiating the formation of a working group led by David Sacks—his appointed czar for AI and crypto—that is tasked with evaluating the creation of a strategic national digital assets stockpile. The gears of government appear to be turning regarding digital currencies.

And in an intriguing move, Trump took to Truth Social on March 2 to announce that the planned crypto reserve would encompass not just Bitcoin but also XRP, Solana, and Cardano. Not stopping there, he further emphasized that Ether and Bitcoin would serve as the “heart” of this reserve, stirring the pot even further and raising eyebrows across the crypto community.

This story is still unfolding, and the anticipation is palpable. As information continues to emerge, the implications of these actions remain to be seen. Whether Trump’s promises will translate into real policies or just hype is still a question for the ages.

In summary, President Trump looks poised to potentially create a Bitcoin reserve at the upcoming Crypto Summit, moving the U.S. in a new direction regarding its crypto policy. Various options are under consideration, from halting sales of seized crypto to reviewing tax treatments, but uncertainty looms large. Expect developments as the summit approaches, and keep an eye on how these evolving plans could reshape the crypto landscape.

Original Source: cointelegraph.com