The price of bitcoin surged in the months following Trump’s 2024 election victory but has cooled in recent weeks amid rising economic concerns.
President Trump plans to host cryptocurrency executives at the White House on Friday, a crypto summit that could offer new insight into the administration’s agenda regarding digital assets.
The event’s attendees are expected to include the CEOs of Coinbase (COIN), Crypto.com, Robinhood (HOOD), crypto wallet provider Exodus (EXOD), and the chair of bitcoin treasury company Strategy (MSTR), formerly MicroStrategy, according to Trump’s AI & Crypto Czar David Sacks.
Trump is expected to speak at the event. He last weekend said the U.S. could launch a strategic crypto reserve composed of bitcoin and four other tokens. Such a reserve would “elevate this critical industry,” Trump posted on his Truth Social platform, “I will make sure the U.S. is the Crypto Capital of the World.”
The price of bitcoin surged in the wake of Trump’s election, rising from below $70,000 on election day to more than $109,000 the week of his inauguration. In recent weeks, however, the price has dropped as economic uncertainty has tempered risk appetite in financial markets. It recently traded a bit below $91,000.
Trump has cultivated a pro-crypto image and named crypto-friendly figures to positions within key departments in his administration. He has also participated in the crypto business. Shortly before taking office, the president-elect and First Lady Melania Trump launched meme coins.
Trump and his sons have also promoted World Liberty Financial, a decentralized finance project co-founded by Trump’s envoy to the Middle East Steve Witkoff.