The March 7 White House Crypto Summit sparked mixed reactions in the Bitcoin community. While some saw it as a historic moment, others found it disappointing.
Crypto trader Miles Deutscher called the event a "massive net positive" for Bitcoin, while Kyle Samani of Multicoin Capital also described it as a "historic moment." However, Coin Bureau CEO Nic Puckrin suggested that nothing groundbreaking came from it, and Bitcoin maximalist Justin Bechler criticized it as a gathering of "rent-seeking lobbyists."
A Shift in U.S. Crypto Policy
The summit marked a shift under the Trump administration, following an executive order to establish a Bitcoin strategic reserve. However, the government will only acquire BTC through asset forfeitures and budget-neutral strategies, without adding debt or burdening taxpayers—disappointing those who hoped for direct purchases.
Market Reaction and Bitcoin Price Drop
Bitcoin’s price dropped 7.3% after the announcement, in a typical "sell-the-news" reaction. Bitcoin ETFs also saw $370 million in outflows, reflecting investor uncertainty.
Many analysts now expect Bitcoin to dip to $70,000 before rebounding toward $100,000. This fuels debate over whether Bitcoin has already peaked or if new highs are still ahead in 2025.
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