As crypto leaders convened at a White House Summit on Friday and officials provided clarity on the plans for a Crypto Reserve, Bitcoin emerged as the standout winner.
On Sunday, March 2, President Trump shared a message on social media outlining a Reserve plan that included ETH, SOL, ADA, and XRP alongside BTC. However, by Thursday night, March 6, when he signed an executive order regarding the reserve, the plan had shifted. Bitcoin will now have its own reserve, while other cryptocurrencies will be placed in a separate “stockpile.” Regulatory journalist Jesse Hamilton featured our reporting from Washington D.C.
This change in direction followed significant backlash from the industry regarding Trump’s initial plan, which may have influenced the final decision. Numerous Bitcoin advocates raised concerns that including BTC among lesser-known coins would dilute its value, emphasizing Bitcoin’s distinct qualities as “digital gold” that other projects lack. Ultimately, it appears the White House acknowledged this perspective. Following the announcement, ADA, SOL, and XRP, which had seen gains due to Trump’s initial plan, all experienced declines, as reported by CoinDesk’s Kris Sandor and Cheyenne Ligon.
There was additional positive news for Bitcoin. President Nayib Bukele of El Salvador confirmed that the country will continue to purchase BTC, despite an IMF agreement that previously threatened this initiative, according to CoinDesk’s Tom Carreras. Furthermore, Texas passed legislation to establish its own Bitcoin Reserve, joining about 20 other states contemplating similar measures, as reported by Hamilton. Fold also added 475 BTC to its holdings, becoming one of the top-10 public bitcoin treasuries, as noted by James Van Straten.
Lombard Finance announced it would deploy its liquid-staking bitcoin token, LBTC, on Sui, thereby strengthening Bitcoin’s competitive position in the crypto markets, according to CoinDesk’s Francisco Rodrigues. (In a related development, Sui’s native token was incorporated into the Trump-owned World Liberty Financial Asset Reserve, leading to an uptick in its price.)
Danny Nelson reported an exciting development for the week: the DoubleZero Foundation, a discreet startup dedicated to developing a “new internet” aimed at enhancing blockchain performance, has successfully raised $28 million at a valuation of $400 million and is currently seeking further investments.
In other news, Sam Bankman-Fried conducted an interview with Tucker Carlson from his prison cell, marking another step in his media campaign to secure a presidential pardon. Once a prominent supporter of Democratic candidates, SBF now appears to align himself with the GOP. Time will tell whether his efforts yield positive results in the coming weeks.
