What can we expect from the White House's crypto summit? | Bitcoin News by CoinCorner

Transcript

El Salvador is under huge pressure from the IMF to stop purchasing any more Bitcoin but are they taking it seriously a recent post on X suggests that gold bug Peter Schiff may have turned into a full-blown Bitcoin Maxi and we'll dive into what Trump has planned for the first ever crypto Summit held this week at the White [Music] House welcome back to bitcoin news brought to you by coin corner I'm your host Alex glass now let's get straight into this week's top stories now I think there is only one way to describe the past week's price action and that's volatile the price has been all over the place and we've seen lows of $78,000 ripping all the way up to $95,000 and on Sunday we saw bitcoin's first ever $10,000 green Candle on the day chart this fun was however shortlived as the price retraced almost back exactly to where it started for now it seems the sell pressure from the last couple of weeks has calmed somewhat but we'll just have to wait and see what happens to the price where it goes from here now you're possibly wondering what's causing all of this volatility well on Sunday Trump put out a post on his social media platform truth social saying a US crypto Reserve will Elevate this critical industry after years of corrupt attacks by the Biden Administration which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic Reserve this will include xrp salana and cardano I will make sure the US is the crypto capital of the world around an hour later he then added and obviously Bitcoin and ethereum as other valuable cryptocurrencies will be at the heart of the Reserve I love Bitcoin and ethereum now these posts sent all five of these mentioned digital assets and tokens soaring but to many bitcoiners it felt like a huge let down as they believe Trump promised a Bitcoin only Reserve during his campaign Trump's crypto Reserve post didn't just get to the Bitcoin Community it also appeared to rile up Peter shiff long-term gold Maxi shiff posted on X saying I get the rationale for a Bitcoin Reserve I don't agree with it but I get it we have a gold Reserve Bitcoin is digital gold which is better than analog gold so let's create a Bitcoin Reserve too but what's the rationale for having an xrp Reserve why the hell would you need that despite being aware of Bitcoin for over a decade shiff has always criticized the asset favoring gold instead but this post practically validates its use case that he's been denying for years he was later bombarded with joking support from the Bitcoin Community with many actually agreeing with him some suggested it was the best post he'd ever made and others sarcastically suggested his account may have been compromised in amongst the chaos surrounding Trump's posts there was also speculation of insider trading as it was revealed that a whale opened up a 50x leverage long position on both Bitcoin and ethereum just before the crypto Reserve announcement the $200 million position initially appeared very suspicious although it was later revealed by Connor Grogan that the whales funds had been accumulated through fishing scams and they also closed out the positions before Trump's second announcement missing out on tens of millions in profit so it appears unlikely to be an Insider just a gambler using stolen funds also in the US it's been announced by the White House that Trump is hosting the first ever crypto Summit which is happening today Friday the 7th of March attending the summit will be Trump himself along with David saaks his appointed crypto Zar as well as other prominent investors and CEOs within the crypto space such as Michael sailor founder of strategy and David Bailey CEO of Bitcoin magazine interestingly despite Trump's social media posts earlier this week according to Commerce Secretary Howard lutnick the president plans to outline his vision for a Bitcoin Reserve strategy lotnik said a Bitcoin strategic Reserve is something the president's interested in he spoke about it during the campaign trail and I think he'll going to see it executed on Friday he also added that Bitcoin is one thing and then there are other currencies the other crypto tokens I think will be treated differently positively but differently suggesting that it could be a Bitcoin only Reserve now moving over to El Salvador there's concern that the country's Bitcoin buying strategy has been compromised due to strict rules imposed by the IMF in the latest funding deal the IMF published details about their recent $3.5 billion loan package which specifically prohibits voluntary accumulation of Bitcoin by the public sector despite this President na bu shared in a post on X El Salvador's Bitcoin portfolio tracker showing they are still accumulating one Bitcoin a day and sometimes more he said no it's not stopping if it didn't stop when the world a ized us and most Bitcoin has abandoned us it won't stop now and it won't stop in the future however some in the community are not totally convinced with Samson Mo suggesting that the buys will stop within a few months and Joe Nakamoto putting forward the idea that they could simply be transferring funds from other wallets they have that aren't publicly known about either way it appears there are still gaps in the community's understanding and many are calling for more transparency from buk now for our final story in the state of Texas their Bitcoin Reserve bill has passed a senate banking committee meeting moving a step closer to getting passed into law there are currently 19 States actively progressing their Bitcoin legislation with Utah being the furthest ahead although it's slow progress It's hugely positive for Bitcoin that these bills are getting such a positive reaction from lawmakers with only five states choosing to ax their bills altogether but I'm afraid that is all we have for you today so as always make sure to hit that subscribe button down down below and I'll see you next week with more bitcoin news [Music] [Music]