On March 7, senior officials within the U.S. administration of President Donald Trump stated in a press briefing on Friday their consideration of bitcoin as warranting "special treatment." This announcement aligns with the White House's plans to establish reserves of digital assets.
President Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, which officials likened to "a digital Fort Knox for digital gold." Fort Knox refers to the United States Bullion Depository, renowned for housing a significant portion of the nation's gold reserves, named after the adjacent U.S. Army installation.
In addition to the bitcoin reserve, the order laid the groundwork for a separate digital assets stockpile, subject to distinct regulations. This step aims to address concerns expressed by industry players in anticipation of a White House crypto summit on Friday that will explore the idea of creating a comprehensive multi-coin strategic reserve.
Highlighting bitcoin's significance, a senior administration official remarked, "Bitcoin is special in our view. It's the original cryptocurrency, the most secure, never hacked, scarce due to the 21 million coin limit, and the most decentralized."
Further, the executive order authorizes Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to devise budget-neutral strategies for augmenting the reserve.
Similar to the historical treatment of gold as a strategic asset retained for the long term despite price fluctuations, officials underscored the administration’s intention to disregard short-term bitcoin price movements.
Distinct rules apply to the digital asset stockpile, which will encompass positions in cryptocurrencies other than bitcoin obtained by the U.S. through forfeiture proceedings. The Treasury is restricted from acquiring additional assets for this stockpile.
Emphasizing responsible management, an administration official stated that the Treasury Secretary retains the authority to make portfolio adjustments as long as they maintain budget neutrality.
A cadre of senior figures in the crypto industry is slated to convene with President Trump and other administration officials - including David Sacks, the president's crypto policy adviser - for a four-hour roundtable discussion commencing at 1:30 PM ET on Friday at the White House.