A Meeting on the Development of 'Cryptocurrencies' Will Be Held at the White House

Donald Trump, the President of the United States, will host a group of prominent business figures on Friday, March 8, to discuss the development of 'cryptocurrencies.' David Sacks, a well-known investor and someone referred to as the 'Head of Cryptocurrency Affairs' in the Trump administration, organized this meeting by inviting founders, executives, and prominent cryptocurrency investors, along with members of a special presidential task force, to formulate policies aimed at accelerating the expansion and popularity of digital currencies. On Thursday, March 7, Trump signed an executive order to create 'Strategic Bitcoin Reserves,' an action that Sacks stated was one of the significant promises of his election campaign. Cameron and Tyler Winklevoss, founders of the cryptocurrency platform 'Gemini,' Brian Armstrong from 'Coinbase,' and Michael Saylor, CEO of Bitcoin investment firm 'MicroStrategy,' are among the guests at the White House meeting on Friday. Sacks stated in a message on the social media platform 'X' that this event will be a roundtable, and despite the interest from the cryptocurrency industry, the White House is holding this gathering as a small program. This meeting is a significant event for cryptocurrency supporters, indicating a fundamental shift in the economic sphere, reducing dependence on a centralized system, and serving as an alternative to traditional banking systems. Bitcoin, the world's most popular digital currency, is promoted by its supporters as a replacement for gold or a hedge against currency devaluation and political instability. Meanwhile, critics argue that these assets primarily function as investments with questionable real-world applications and are unreliable. Cryptocurrency investors in the United States were major supporters of Trump's presidential campaign, contributing millions of dollars to his victory in hopes of ending the Biden administration's deep skepticism towards digital currencies. Trump also has significant financial ties to the cryptocurrency industry, having partnered with the 'World Liberty Financial' platform and created the 'Trump Meme Coin' in January. On Thursday, the U.S. President signed a presidential order to create a government reserve of Bitcoin cryptocurrency. This action is considered an important step towards the potential mainstream acceptance of cryptocurrencies in the economy. According to this new order, the U.S. government will hold Bitcoins that were previously seized in criminal and civil cases. David Sacks estimates this amount to be around 200,000 Bitcoins. Sacks wrote on social media: 'The United States will not sell any Bitcoins deposited in this reserve. This reserve will be maintained as a source of value. This reserve is like a digital Fort Knox for a cryptocurrency often referred to as digital gold.' Trump's presidential order also calls for a 'full audit' of the U.S. government's Bitcoin assets, an action that Sacks stated has not been fully completed so far. Sacks mentioned that the U.S. government has sold about 195,000 Bitcoins over the past decade for $366 million, adding that if these Bitcoins had not been sold, their value would now be around $17 billion. Source: AFP and Associated Press. Trump signed the order to create a 'government reserve' of Bitcoin cryptocurrency. Bitcoin broke the $100,000 ceiling. The impact of Trump's victory on cryptocurrencies continues; Bitcoin is approaching $100,000.