The White House held the first-ever summit on cryptocurrencies on Friday, March 7. However, the price of bitcoin still fell. This is reported by NBC News, as conveyed by UNN.
Details
It is noted that the summit gathered leaders from an industry that has become the largest group of donors in the 2024 elections.
The purpose of the event was to reaffirm the commitment of the administration of U.S. President Donald Trump to make the United States the “crypto capital of the world” and to officially cancel the strict regulation of the industry by the Biden administration.
However, some investors apparently expected more. After the summit concluded, the price of bitcoin fell by 4%, and by the end of the week, it had decreased by approximately 8%.
According to NBC News, the source of the bitcoin price drop was David Sachs, the White House’s chief specialist on AI and cryptocurrencies. He announced that the U.S. is creating a “strategic reserve of bitcoins,” stating that the United States has no active plans for additional cryptocurrency purchases.
Instead, the reserve will consist of existing stocks of bitcoins confiscated by law enforcement from suspects or seized during civil proceedings.
A restrained reaction was expressed by Jeff Park, head of the bitcoin investment group Bitwise, calling the details of the decree “an imperfect outcome.”
The election decree is a solitary political directive that can just as easily remain or disappear like Biden’s decree on gender-affirming care for minors or the decree aimed at limiting the artificial intelligence industry
“Without the collective strength of legislation reflecting the will of the coalition-building people, it is unlikely to become the decisive factor that will initiate a whole series of second-order things that people are waiting for.”
Recall
Trump’s decree to create a strategic reserve of bitcoins from confiscated assets disappointed investors. BTC fell to $84,717, while major altcoins lost between 3.4% and 7.8% of their value.
