News Analysis As trade leaders gathered for a White House Summit, the premier crypto emerged as a transparent winner.
As crypto executives gathered for a White House Summit Friday and officers clarified plans for a Crypto Reserve, there was one massive winner: Bitcoin.
In a Sunday March 2 social media message, President Trump had outlined a Reserve plan to include ETH, SOL, ADA and XRP alongside BTC. But, by Thursday evening March 6, when he signed an government order on the reserve, that plan had modified. Now, Bitcoin will get its own reserve and different cash will probably be relegated to a separate “stockpile.” Regulatory reporter Jesse Hamilton led our protection from Washington D.C.
The volte-face got here after vociferous industry reaction to Trump’s Sunday plan, which can have impacted decision-making. Many Bitcoiners complained BTC can be diluted alongside lesser-cap cash and that Bitcoin has distinctive traits as “digital gold” the place different tasks don’t. In the tip, the White House appeared to agree. ADA, SOL and XRP, having been buoyed by the Sunday announcement, all plunged on the news, per reporting from CoinDesk’s Kris Sandor and Cheyenne Ligon.
There was different excellent news for the premier cryptocurrency. President Nayib Bukele stated El Salvador would continue buying BTC even after an IMF deal that had appeared to scotch that mission, CoinDesk’s Tom Carreras reported. Texas passed a bill to create its own Bitcoin Reserve, main about 20 different states which might be contemplating the identical, Hamilton reported. Fold added 475 BTC, changing into a top-10 public bitcoin treasury, James Van Straten wrote.
Lombard Finance stated it will deploy its liquid-staking bitcoin token, LBTC, on Sui, deepening bitcoin’s moat in crypto markets. CoinDesk’s Francisco Rodrigues had that news. (Meanwhile, Sui’s native token was added to the Trump-owned World Liberty Financial Asset Reserve, boosting its worth.)
Danny Nelson had the scoop of the week: News that DoubleZero Foundation, a stealthy startup constructing a “new internet” aiming to enhance blockchain efficiency, had raised $28 million at a $400 million valuation (it’s now searching for extra funding.)
In different information, Sam Bankman-Fried spoke to Tucker Carlson from his prison cell, one other cease on his media play to win a presidential pardon. Once an enthusiastic backer of Democrat electoral candidates, SBF now appears to be on the GOP aspect. We’ll should see whether or not his outreach pays dividends within the weeks forward.
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