Last night, a major news story ignited the cryptocurrency market: Trump will deliver a speech at the Digital Asset Summit (DAS) held in New York on March 20 (today), and insiders revealed that he will announce a 'major update' to his cryptocurrency strategy at the event. As the first sitting U.S. president to participate in a crypto industry conference, Trump's move undoubtedly holds historical significance. (Note: Trump was not president at the 2024 Bitcoin conference, and the White House crypto meeting is not considered an industry conference.)
As the top institutional-level conference in the crypto space, what makes DAS attractive enough for Trump to attend? What unique charm does this summit possess? What significant content might Trump's speech bring? Let’s delve into the background of DAS and boldly speculate on the content of Trump's speech.
What is DAS? An overview of the institutional-level crypto event.
The Digital Asset Summit (DAS) is an annual event hosted by Blockworks, focusing on institutional investment and the digital asset industry. It aims to connect the traditional financial system with the emerging digital asset ecosystem and is praised as 'the premier institutional conference in the crypto space.' The 2025 DAS will take place from March 18 to 20 at the Javits Center North in New York, lasting three days and attracting 1,800 attendees, 150 speakers, and 750 institutions, managing a total of $1.2 trillion in assets, highlighting its top position in the industry.
Attendee Demographics: The target audience of DAS is clearly focused on institutional investors and financial professionals.
Allocators: Including global sovereign funds, pension funds, foundations, and family offices, exploring digital assets as a new asset class.
Asset Managers: Including venture capital firms, hedge funds, private equity firms, and global investment organizations, building crypto investment strategies.
Financial Institutions: Such as banks, brokerage firms, credit unions, payment processors, fintech companies, and insurance providers, formulating internal digital asset strategies.
Core Theme: The 2025 DAS will revolve around six major themes, closely related to institutional investment and policy trends.
Macro Cases for Digital Assets: Exploring how liquidity, interest rates, and economic drivers affect digital asset portfolios.
ETF and Institutional Investment: Analyzing how institutional investment drives the current crypto cycle.
Allocators' Perspective: Understanding how top funds respond to public and private digital asset markets.
U.S. and Global Digital Asset Policies: Exploring the evolution of global standards and regulatory frameworks.
Tokenization and Real-World Assets: Discussing how institutions like BlackRock and JPMorgan are putting government bonds and collateral on the blockchain.
Stablecoins and Global Payments: A deep dive into the innovations in stablecoins and digital asset payments.
Speaker Lineup
Trump's choice to announce a 'major update' at the DAS allows him to directly engage with industry elites and amplify his policy signals through the summit's global influence.
What might Trump discuss?
The market generally believes he will discuss crypto policy, U.S. competitiveness, and the role of Bitcoin. Based on his past statements and the current context, here are three major potential highlights of his speech:
1. The Expansion Plan for Strategic Bitcoin Reserves
On March 6, Trump initiated a strategic Bitcoin reserve through an executive order, currently holding around 200,000 Bitcoins (valued at approximately $17 billion), all sourced from law enforcement confiscated assets. On March 18, Bo Hines revealed at the DAS that the government is exploring 'budget-neutral' ways to acquire more Bitcoins.
Trump may further clarify the scale targets for reserves in his speech, for instance, responding to Senator Cynthia Lummis and Representative Nick Begich's proposal to acquire 1 million Bitcoins over the next five years. Additionally, he may mention reserve arrangements for other digital assets (like Ethereum and XRP), addressing industry expectations for diversified reserves.
2. Regulatory Framework and Tax Incentive Policies
Trump has promised to create a more favorable regulatory environment for the crypto industry, reversing the Biden administration's 'aggressive' policies toward digital assets. Discussions on X platform suggest the market anticipates he might mention eliminating capital gains tax on cryptocurrencies or significant tax breaks for long-term holders.
Additionally, he may propose a clear regulatory framework that clarifies the responsibilities of the SEC and CFTC, accelerating the approval process for products like Bitcoin ETFs. Given the institutional focus of the DAS, Trump may particularly emphasize how to support institutional investment through policy, promoting crypto assets as a mainstream asset class.
3. The Position of the United States in Global Digital Asset Competition
Trump has repeatedly stated his goal to make the United States the 'crypto capital,' maintaining a leading position in global digital asset competition. He may reiterate this goal in his speech, emphasizing the strategic value of Bitcoin as 'digital gold' and comparing it to traditional reserve assets like gold and oil.
Moreover, he may mention how to enhance the efficiency of the U.S. financial system through blockchain technology, such as using stablecoins to strengthen the dollar's status as a global reserve currency or attracting more international capital through tokenized assets (like government bonds).
Potential Risks
Although the market has high expectations for Trump's speech, it is important to remain rational. Trump has a history of 'talking big,' and his promises may not all be fulfilled. For example, after the White House crypto summit on March 7, some investors were disappointed that the reserve plan was limited to confiscated assets rather than new purchases, leading to a temporary decline in Bitcoin prices. If the speech lacks substantial progress, the market may experience a 'buy the expectation, sell the fact' pullback.