Trump Hosts White House Crypto Summit, Establishes Strategic Reserve

Donald Trump hosted a Crypto Summit at the White House, marking a significant shift in the administration's approach to cryptocurrencies. This comes after Trump signed an executive order establishing a 'Strategic Bitcoin Reserve,' which aims to hold approximately 200,000 bitcoins valued at around $17 billion. Prominent figures in the cryptocurrency industry, including major players like the Winklevoss twins and Brian Armstrong, attended the summit, signaling a push to legitimize and accelerate growth in the sector. Trump's 'crypto czar,' David Sacks, emphasized the need for a supportive regulatory framework to foster innovation in the U.S. crypto industry. The event underscores Trump's commitment to aligning with cryptocurrency advocates, who have been crucial supporters of his political campaigns, despite concerns over potential conflicts of interest due to his financial ties to the industry. Critics remain skeptical, highlighting the speculative nature of cryptocurrencies and their uncertain real-world utility.