When crypto executives gathered at the White House Summit on Friday and authorities clarified plans for the crypto sanctuary, there was a big winner, Bitcoin.
In a social media message on Sunday, March 2nd, President Trump outlined a preliminary plan to include ETH, SOL, ADA and XRP along with BTC. However, by the evening of Thursday, March 6, the plan was changed when he signed an executive order on the reserve. Now, Bitcoin has acquired its own reserves, and other coins are relegated to another “stopping reserve.” Regulatory reporter Jesse Hamilton led reporting from Washington, DC
Volte-Face comes after a raucous industry response to Trump’s Sunday plan, which may have influenced decision-making. Many Bitcoiners complain that BTC is diluted in addition to less cap coins, and Bitcoin has a unique characteristic as “digital gold” that no other projects have. In the end, the White House seemed to agree. The ADA, SOL and XRP all went into the news, backed by Sunday’s announcement, following reports from Coindesk’s Kris Sandor and Cheyenne Ligon.
There was other good news about the best cryptocurrencies too. President Nayib Bukele said Coindesk’s Tom Carreras reported that he will continue to buy BTC even after an IMF deal that appeared to be scotching its mission. Texas has passed legislation to create its own Bitcoin reserve, leading around 20 other states considering the same, Hamilton reported. James Van Straten has now become the top 10 public Bitcoin Treasury with folding added 475 BTC.
Lombard Finance said it will deepen the Bitcoin moat in the Crypto market and roll out its liquid-scattered Bitcoin token LBTC to SUI. Coindesk’s Francisco Rodrigues had that news. (On the other hand, SUI’s native tokens were added to Trump-owned Global Free Financial Assets Reserve, raising prices.)
Danny Nelson had this week’s scoop. DoubleZero Foundation, a stealth startup that builds a “new internet” aimed at improving blockchain performance, has raised $28 million at a $400 million valuation (now looking for more investment).
In other news, Sam Bankmanfried spoke with Tucker Carlson from his prison cell. The SBF, once a enthusiastic supporter of Democratic candidates, appears to be on the GOP side. We will need to see if his outreach will pay dividends in the coming weeks.
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