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The cryptography industry buzzes before the summit of the Blanche de Friday on digital assets.
It is a sentence that would have been laughable just a few years ago. Crypto Kingpins rubbing the elbows with the president and the head of the Securities and Exchange Commission? Hogwash!
Regardless of what you think of their products, it is undeniable that only financial parias have gone a long way. No White House in the past 15 years, including Trump 1.0, has treated crypto as a legitimate industry, not to mention a worthy of a fancy summit.
But more than $ 130 million in expenditure of the political action committee later, we are there.
The meeting of Friday, from 1:30 pm HE, will bring together a circle tight of an Crypto elite, notably the CEO of Coinbase, Brian Armstrong and the entrepreneur of billionaire / hype Bitcoin technology, Michael Saylor, among others. From the White House, count to see the venture capital and cryptography Trump David Sacks, the head of the working group of digital assets Bo hines and the acting president of the Sec Mark Uyeda.
The meeting is, in part, a victory tour for an industry that has the impression of having been brought from financial nature. And this is an opportunity for leaders to pay tribute to the man who erases their path.
“I think that the most important thing that will happen tomorrow is that we will all express our gratitude to the President to … exhibit a really positive and ambitious program for the United States to be a cryptographic leader in the world,” said Faryar Shirzad, director of politicians in Coinbase. “All the companies around the table already accelerate their investments to build in America. And I think it will be an opportunity to thank him for giving us the room to do so, and to bring the United States back to a management position. »»
Aside from the verification of President Donald Trump, the agenda is probably a bag to grasp industry priorities – the various elements of the legislation heading through the congress, orientation on a regulatory framework, removing the tax on capital gains on the crypto, etc.
But by far, the biggest objective will be of the Bitcoin Strategic Reserve that Sacks announced Thursday evening on social networks.
The reserve is another concept suddenly on the table which would have been a punchline under any previous administration. In simple terms, a strategic reserve would see the digital assets of the American government (as it does with gold and oil), in theory to hide against financial risks. Under Trump’s decree, the Treasury Department would set up a position to administer the reserve, which will be capitalized with the Bitcoin confiscated by the government as part of the criminal or civilian asset confiscation procedure.
Trump launched a Bitcoin reserve on the campaign track, helping him stall the favor of cryptography fans.
The order announced on Thursday deviates from a previous vision of the plan which caused an agitation this week. On Sunday, Trump drawn an article on social networks saying that the reserve would not only include bitcoin and relatively well established ether, but also three much smaller and much more volatile tokens. The announcement caused an increase in the price of cryptography which quickly collapsed while investors wondered on the details.
This hope was fueled by bullish activity reports of a crypto-bien-bound portfolio two days before the event: the project, World Liberty Financial, seemed to buy more than 20 million dollars of ether and a bitcoin derivative called WBTC.
Apart from more details on the reserve, the industry’s Bigwigs (which have long complained that the Biden administration strangles the crypto) looking forward to basic regulatory advice.
“Our goal is to do the legislation,” said Shirzad. “Once you have this, you have construction blocks and the regulatory framework that allows us everyone in the industry to invest, build and essentially update the financial system.”
While the crypto elite takes a moment to absorb all the optimism, it should be remembered that it is a class of assets synonymous with volatility. Cryptographic markets were hardly sheltered from chaos of world trade and fears of economic winds that whipped the financial markets around the world this week.
Bitcoin has largely evolved in tandem with actions, sorting wildly while investors try to solve their heads around Trump’s constantly evolving messages on prices. Bellwether’s asset bounced around the level of $ 90,000 Thursday – a good of $ 109,000, reached the day of the inauguration just six weeks ago.
“The market is hung on Trump’s word and looks at these meetings as a hawk”, “ Scott Melker, an investor and the host of the podcast “The Wolf of All Streets”, told me in an email. “If we get waves and no clear direction, expect disappointment and volatility. We have already seen it – large expectations, little substance. »»
