The President of the United States, Donald Trump, has publicly declared his support for Bitcoin and established a Strategic Bitcoin Reserve (SBR). In a speech at the inaugural White House Crypto Summit, Trump stated that the US government plans to hold onto the bitcoin it possesses and will explore ways to accumulate more holdings at no cost to taxpayers. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick also expressed their support for Bitcoin and digital assets at the summit. While Bitcoin was referred to as a savings technology, stablecoins were highlighted as the digital assets the administration sees as money. Additionally, there were no mentions of removing capital gains tax on crypto sales or addressing the US Marshalls' lack of knowledge about the digital assets in their custody. The summit is seen as a positive development for the crypto industry, with Coinbase CEO Brian Armstrong calling it a historic moment. He hopes to see legislation passed in support of Bitcoin and crypto initiatives.



Other News from Today