Market News

BY  Brian McGleenon

Bitcoin (BTC-USD) surged over 5% on Thursday, soaring past $91,000 after dipping below $82,000 just two days ago. The sharp rally comes as investors brace for the upcoming White House Crypto Summit on Friday, where the US government is expected to unveil new cryptocurrency policy initiatives.

US president Donald Trump and key administration officials are set to meet with cryptocurrency industry leaders to discuss the future of digital assets and potential regulatory frameworks. Confirmed attendees include Coinbase (COIN) CEO Brian Armstrong, Chainlink (LINK-USD) co-founder Sergey Nazarov, and Strategy (MSTR) co-founder Michael Saylor, among others.

US secretary of commerce Howard William Lutnick disclosed that Trump is set to unveil measures regarding the long-debated US Strategic Bitcoin Reserve, which could mark a shift in how the US government approaches digital assets.

What is a US Strategic Bitcoin Reserve?

The proposed reserve would see the US government acquiring approximately 200,000 bitcoin (BTC-USD) annually over a five-year period, eventually accumulating 1 million BTC.

Advocates argue that such a reserve could strengthen national financial security and provide a hedge against economic volatility, much like traditional commodity reserves such as the Strategic Petroleum Reserve.

However, skeptics warn that large-scale government involvement in bitcoin could disrupt market dynamics and raise regulatory concerns.

A wider US Crypto Reserve

Last Sunday evening, Trump unveiled plans for a broader US Crypto Reserve, extending beyond bitcoin to include other digital assets like XRP (XRP-USD), Cardano (ADA-GBP), and Solana (SOL-USD).

Crypto investors have rushed to position themselves ahead of potential government intervention.

However, some analysts have suggested that experienced traders are taking a more cautious approach ahead of the event. "This Friday marks a historic milestone — the first-ever White House Crypto Summit," QCP Capital analysts said in a report. "However, without any concrete executive orders, funding commitments, or congressional backing in place, many in the market remain in wait-and-see mode."