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Despite fierce backlash from the cryptocurrency community over his proposed strategic crypto reservePresident Donald Trump is set to unveil plans for it at the White House Crypto Summit on Friday. Commerce Secretary Howard Lutnick said Bitcoin would receive a “unique status” under Trump’s framework, while other cryptocurrencies would be regulated differently.
Bitcoin surged more than 7% on Wednesday morning following the news, hovering around $88,000.
On Sunday, Trump shifted his focus from a Bitcoin-only reserve to a more diversified approach. His plan envisions a reserve comprising Bitcoin — often hailed as “digital gold” for its inflation-hedging properties — alongside Ether, XRP, Solana, and Cardano.
Read more: Trump wants a strategic crypto reserve. Here’s how that might work
Crypto leaders have criticized Trump’s ideaarguing that if a reserve is established, it should be exclusively Bitcoin-based. Key details remain uncertain, including the reserve’s size, timeline, and whether the Federal Reserve or another entity would manage it.
“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” Lutnick told the website The Pavlovic Today. He said Trump sees a strategic Bitcoin reserve as vital to America’s financial future.
Trump, who aims to position the U.S. as the global hub for crypto, will host the inaugural White House Crypto Summit on Friday, co-chaired by David Sacks and Bo Hines. The event aims to help establish a clear regulatory framework for crypto and foster innovation.
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