At the Blockworks Digital Asset Summit in Manhattan, President Donald Trump delivered a pre-recorded address, marking the first time a U.S. president has spoken at a crypto conference. He reaffirmed his administration’s commitment to making the U.S. the leading hub for cryptocurrency and Bitcoin, criticizing the previous administration’s approach. He pledged to end regulatory crackdowns like “Operation Choke Point 2.0” and announced policy shifts favoring digital assets. The term, originally coined by Castle Island Ventures’ Nic Carter, refers to efforts to cut off crypto firms from banking services, similar to a 2013 initiative targeting high-risk industries.
Since taking office in January, Trump has signed multiple executive orders related to digital assets. In January, he established the Working Group on Digital Assets, followed by an order creating a Strategic Bitcoin Reserve and a digital asset stockpile. His administration’s policy allows the government to hold onto seized Bitcoin instead of selling it, reversing Biden-era liquidation practices. Trump argued that this approach would prevent the U.S. from selling Bitcoin at undervalued prices, something he blamed Biden for doing.
Trump’s embrace of crypto has drawn mixed reactions. Institutional investors have welcomed his policies, but many in the Bitcoin community remain skeptical. Bitcoin maximalist Justin Bechler dismissed the administration’s crypto initiatives, particularly the recent White House Crypto Summit, as favoring lobbyists pushing for government-controlled digital assets. The summit, held earlier in March, brought together industry leaders and policymakers to discuss regulations. Treasury Secretary Scott Bessent emphasized the importance of stablecoin oversight, saying it would help the U.S. dollar maintain its global dominance. Bo Hines, a top White House crypto adviser, suggested that a stablecoin bill could be passed within two months.
Despite Trump’s pro-Bitcoin stance, markets reacted negatively to his Strategic Bitcoin Reserve order. After briefly surpassing $92,000, Bitcoin dropped 5.7% within an hour of the announcement and declined further over the following days, ultimately falling by 7.3% before recovering slightly to $87,200. Investors had expected direct government purchases of Bitcoin, but the administration instead opted to retain confiscated assets.
Congress is now considering legislation to expand government crypto holdings. Senator Cynthia Lummis introduced the BITCOIN Act, which would allow up to $80 billion in Bitcoin acquisitions. Representative Byron Donalds proposed a separate bill that would let federal agencies add Bitcoin to reserves, provided the purchases remain “budget neutral.” Trump has urged lawmakers to pass legislation establishing clear and simple crypto regulations, saying it would encourage institutional investment and technological growth.
This isn’t Trump’s first time promoting Bitcoin. During the Bitcoin 2024 conference in Nashville, he urged supporters to “never sell your Bitcoin” and pledged that his administration would retain all government-held Bitcoin. His recent speech at the Blockworks summit lasted three minutes and was announced just a day before the event. While some see his involvement as a sign of growing mainstream acceptance, others remain wary of government influence over digital assets.
