White House announces first crypto summit as Bitcoin bounces

The White House has announced that it will hold the first Crypto Summit on Friday, March 7, for prominent founders, CEOs, and investors from the crypto industry, along with members from the President’s Working Group on Digital Assets. At a time when market sentiment, as measured by the Crypto Fear and Greed Index, reaches its lowest point since 2022, the new administration seeks to highlight its support for the industry’s continued growth.

The President will host and deliver remarks at the inaugural summit, and the event will be chaired by the White House’s ‘AI and Crypto Czar’ David Sacks, who posted:

President Trump will host the first White House Crypto Summit on Friday March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there!

South African-American venture capitalist Sacks was named the White House AI and Crypto Czar last December, a newly created position to underscore the Trump administration’s dedication to the sector. Since taking office, Sacks has begun to prioritize the assessment of a US Bitcoin strategic reserve, a stablecoin regulatory framework, and new SEC guidelines to prioritize crypto.

The White House statement released late Friday doubled down on Trump’s intent to be “America’s first crypto president” and provide “a clear regulatory framework enabling innovation and protecting economic liberty” after four years of uncertainty from an administration that “unfairly prosecuted the digital asset space.”

Bitcoins Bitcoin maxis not impressed by Crypto Summit

The news of the summit was met with mixed responses from the crypto community, many of whose memories are still fresh from the ‘Crypto Ball’ that gathered industry movers and shakers in Washington DC ahead of the inauguration and coincided with the launch of Trump’s memecoin that soared to a market cap of $14.5 billion within hours before slumping in value by two-thirds leaving small traders underwater.

“F*** them, crypto. Disgusting Sh*tcoin show,” commented long-term Bitcoin holder and Austrian economist Carl Menger. “Just say Bitcoin. It’s honest and more transparent. 99% of crypto are online gambling tokens with no purpose or utility,” posted the Bitcoin Therapist, while many others simply implored the president not to launch another memecoin.

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