Commerce Secretary Howard Lutnick reveals President Trump will announce a bitcoin strategic reserve at Friday’s White House crypto summit.
Commerce Secretary Howard Lutnick revealed in an interview on Tuesday that President Donald Trump plans to announce a bitcoin strategic reserve later this week.
Speaking to independent news outlet The Pavlovic Today, Lutnick stated that the President “definitely thinks there’s a bitcoin strategic reserve” and will unveil plans for it during the White House’s inaugural crypto summit on Friday.
Lutnick hinted that bitcoin would have a “unique status” compared to other cryptocurrencies under the reserve framework. “Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he remarked.
The Commerce Secretary’s comments align with President Trump’s recent social media posts supporting the creation of a crypto reserve anchored by bitcoin. The President stated the reserve would “elevate this critical industry after years of corrupt attacks by the Biden Administration.”
Lutnick’s preview of the announcement propelled bitcoin over $90,000 this week from under $85,000 on Monday. The overall crypto market surged back above $3 trillion ahead of the summit.
Friday’s gathering will convene top bitcoin and crypto executives, investors, and regulators to map out a framework for crypto oversight and innovation in the U.S. Attendees include Coinbase CEO Brian Armstrong, Kraken CEO Jesse Powell, MicroStrategy Chairman Michael Saylor, and others.
The summit follows Trump’s executive order directing officials to prioritize the “responsible growth of digital assets.” The President aims to reposition the U.S. as the “crypto capital of the world” after strict policies under Biden stifled innovation.
With bipartisan support growing for bitcoin and crypto-friendly laws in Congress, Trump’s embrace of a strategic bitcoin reserve may cement their legitimacy worldwide.
