Bitcoin Surges 7% as White House Announces First-Ever Crypto Summit Under Trump

Highlights:

• President Trump will host the first White House Crypto Summit, uniting industry leaders and policymakers
• The event will focus on regulation and innovation in crypto.
• Bitcoin surged 7% as traders reacted positively to the summit announcement.

President Donald Trump will host the first-ever White House Crypto Summit on March 7, the White House’s AI & Crypto Czar, David Sacks, announced in a statement on X on Friday. The summit will bring together top crypto founders, CEOs, and investors, along with members of the President’s Working Group on Digital Assets.

President Trump will host the first White House Crypto Summit on Friday March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there! pic.twitter.com/PEynzDuAOt

— David Sacks (@davidsacks47) March 1, 2025

Crypto Czar David Sacks will oversee the summit, while Bo Hines, the working group’s executive director, will manage its administration. 

In the statement, the White House added:

“After the previous administration unfairly prosecuted the digital asset space, President Trump’s policy vision represents a new era for digital financial technology. The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty.”

Trump’s Executive Order to Strengthen U.S. Leadership in the Crypto Industry

This announcement follows Trump’s Executive Order titled “Strengthening American Leadership in Digital Financial Technology.” This order formed the President’s Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance. 

The group is responsible for creating a federal regulatory framework for digital assets, including stablecoins, and assessing the feasibility of a national digital asset stockpile. Led by the White David Sacks, its members include the Secretary of the Treasury, the Attorney General, the Chairman of the Securities and Exchange Commission, and other key agency leaders.

The order prohibits federal agencies from supporting or creating central bank digital currencies. It overturns previous policies on digital assets set by Joe Biden’s administration. The mention of a potential national digital asset stockpile has led to talks about creating a strategic Bitcoin reserve.

🚨NEW per my @FoxBusiness colleague @EdwardLawrence: The #crypto executive order has officially been signed.

Here are the details:

📌The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.

📌The…

— Eleanor Terrett (@EleanorTerrett) January 23, 2025

During the last year’s campaign, Trump, who once called crypto a “scam,” promised to simplify regulations. He pledged to appoint supportive officials and establish a clear stablecoin framework. He also vowed to create a Bitcoin stockpile to strengthen the industry. After his election, the crypto sector donated millions to his inaugural committee.

Trump has not fulfilled all his promises. However, his policies and the summit show a clear shift from Biden’s strict regulations. Before returning to office, he also launched a memecoin TRUMP. He also supported his sons’ project, World Liberty Financial.

Bitcoin Jumps 7% After White House Crypto Summit Announcement

The recent announcement has sparked bullish sentiment among traders and investors worldwide, signaling a market recovery. At the time of writing, Bitcoin (BTC) was trading at $86,173, reflecting a 7.31% increase in the last 24 hours.

Meanwhile, Ethereum (ETH), XRP, and Solana (SOL) saw gains of 5%-16%, marking a strong rebound. Memecoins also trading in the green, with TRUMP leading the market rally. The crypto market rose by nearly 7% in the last 24 hours, ending the week with a $2.84 trillion market cap.