US President Donald Trump said on Friday (local time) that he wants the US to be a leader in cryptocurrencies. Industry leaders praised him for changing policies they said were unfair under the previous administration.
“I thought it was very important that we stay in the front of this one,” Trump said at the first White House “Crypto Summit.”
Trump was upbeat about the crypto industry’s prospects, telling the summit, “We feel like pioneers in a way.”
He added: “From this day on, America will follow the rule that every bitcoin knows very well, never sell your bitcoin. That’s a little phrase that they have. I don’t know if that’s right or not. Who the hell knows, right? Who knows? Who knows, but so far, it’s been right, and well, let’s keep it that way.”
The summit included executives from crypto companies, government officials, and lawmakers. Many speakers praised Trump’s approach to digital assets. The crypto industry said it was treated unfairly by the Biden administration and played a role in Republican wins in the last election.
Trump, who was previously skeptical about crypto, has now shown strong support. The crypto industry has also supported him and spent money to help him win last year’s election.
“It’s truly wonderful to see how things have changed and how the pendulum has swung back,” Cameron Winklevoss, co-founder of crypto exchange Gemini, told Trump.
Trump repeated that he wants to support the crypto industry with laws and regulations that are not strict.
The summit is part of Trump’s recent efforts to boost the crypto industry. The US Securities and Exchange Commission (SEC) has dropped several cases against major crypto companies, including some represented at the event.
On Thursday, Trump signed an executive order to create a “Strategic Bitcoin Reserve.” This order stops the US government from selling bitcoin it obtained through legal actions, which is worth about $17 billion.
The order also allows the Treasury and Commerce Departments to develop “budget-neutral” plans for acquiring more bitcoin, though details have not been released.
The order gives bitcoin more recognition. Bitcoin, the first and most widely used cryptocurrency, has grown from a small project by cryptography enthusiasts to an asset worth $1.7 trillion in less than 20 years.
