Key Takeaways:
- Bitcoin emerged as the standout victor at a recent White House Crypto Summit, with designated plans for its independent reserve separate from other cryptocurrencies.
- Other cryptocurrencies such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP, initially slated to be included in the reserve, will now be kept in a separate “stockpile.”
- Despite a deal with the IMF, El Salvador will continue its BTC purchases, while Texas has enacted a law to establish its own Bitcoin Reserve.
As crypto leaders convened for a White House Summit, officials clarified their intentions regarding the Crypto Reserve.
In a social media announcement on March 2, President Trump outlined a reserve scheme including ETH, SOL, ADA, and XRP alongside BTC. However, by the evening of March 6, a revised executive order was signed. Bitcoin will now have its dedicated reserve while other cryptocurrencies settle in a distinct inventory.
This reversal may have stemmed from significant feedback from industry stakeholders, who expressed concern that Bitcoin’s value would be diluted among lesser-cap coins. After initial gains following the announcement, ADA, SOL, and XRP suffered declines upon hearing the news.
Texas has taken steps to create its own Bitcoin Reserve, joining nearly 20 other states contemplating similar initiatives. In significant developments, Fold acquired 475 BTC, establishing itself among the top-10 public Bitcoin treasuries.
In other developments, Loumbard Finance is set to roll out its liquid-staking Bitcoin token, LBTC, on Sui, enhancing Bitcoin’s competitive edge in the crypto landscape.
Sam Bankman-Fried has made headlines again, having addressed Tucker Carlson from his prison cell, demonstrating his shift in political alignment as he seeks a presidential pardon.
