U.S. Secretary of Commerce Howard Lutnick confirmed that the Trump administration will announce plans to establish a Bitcoin strategic reserve at the upcoming White House cryptocurrency summit on March 7.
In an interview with "Pavlovich Today," Lutnick clarified that Bitcoin (BTC) may hold a special status in the U.S. national cryptocurrency reserve, which will also include Ethereum (ETH), Solana (SOL), Cardano (ADA), and Ripple (XRP).
Secretary Lutnick stated, "The President absolutely believes there should be a Bitcoin strategic reserve. The question now is how we will handle other cryptocurrencies. I think the relevant model will be announced when we hold the summit on Friday."
Since President Donald Trump announced on social media that the U.S. cryptocurrency reserve would include assets beyond Bitcoin, he has faced criticism. Critics argue that centralized altcoins should not be included in the reserve alongside Bitcoin, as Bitcoin is the only decentralized commodity that can serve as a long-term store of wealth.
Source: Anthony Pompliano
Even prominent Bitcoin critic Peter Schiff (who refused to invest in the digital asset when its value was below $100) stated that he understands the logic behind reserving only Bitcoin but does not comprehend the inclusion of altcoins.
Source: Peter Schiff
In response, Lutnick reiterated Trump's interest in reserving only Bitcoin while not dismissing the inclusion of other assets in the proposed reserve.
Lutnick said, "So Bitcoin is one thing, and other cryptocurrencies, other crypto tokens, I think will be treated differently — positively, but in a different way."
White House Cryptocurrency Summit Draws Attention
President Trump plans to hold the first-ever White House cryptocurrency summit on March 7, with up to 25 attendees confirmed. The guest list includes Strategy founder Michael Saylor, Chainlink co-founder Sergey Nazarov, and Coinbase CEO Brian Armstrong.
Source: Eleanor Terrett
This summit reflects a historic shift in the U.S. government's approach to digital assets under President Trump's leadership, as he vowed during his campaign to make the U.S. a hub for blockchain and cryptocurrency.
During Trump's administration, the U.S. Securities and Exchange Commission established a special task force on cryptocurrency to pave a "reasonable regulatory path" for the industry. This task force has already met with several industry representatives to better understand their regulatory pain points.
Meanwhile, the U.S. House of Representatives' subcommittee on digital assets, fintech, and artificial intelligence has also engaged with industry experts on a range of issues, from stablecoin regulation to which agency should have oversight of the cryptocurrency spot market.
Related: Bitcoin Faces Setbacks Due to Trump; Can PMI "Navigate" Its Subsequent Trends?
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