Weekly Update: Bitcoin Achieves Exclusive Reserve Status

Following a gathering of crypto executives at the White House Summit on Friday, officials clarified plans for a Crypto Reserve, declaring Bitcoin the major beneficiary. Initially, President Trump outlined a plan to include ETH, SOL, ADA, and XRP alongside BTC in a Sunday, March 2 social media message. However, by Thursday night, March 6, when he signed an executive order, the plan had shifted, designating a separate reserve for Bitcoin and a distinct 'stockpile' for other coins. Regulatory reporter Jesse Hamilton led our coverage from Washington D.C. The sudden change in plans came after intense industry backlash to Trump's initial proposal, which may have influenced decision-making. Many Bitcoin supporters argued that BTC would be diluted by being grouped with lesser-cap coins, highlighting its unique 'digital gold' characteristics. Ultimately, the White House appeared to concur. Consequently, ADA, SOL, and XRP, which had initially surged following the Sunday announcement, plummeted upon the news, as reported by CoinDesk's Kris Sandor and Cheyenne Ligon. Additionally, there was positive news for the premier cryptocurrency: President Nayib Bukele announced that El Salvador would continue purchasing BTC, despite an IMF deal that had seemingly halted this mission, as reported by CoinDesk's Tom Carreras. Texas passed a bill to establish its own Bitcoin Reserve, paving the way for approximately 20 other states considering similar actions, according to Hamilton. Fold added 475 BTC to its holdings, becoming a top-10 public bitcoin treasury, as reported by James Van Straten. Lombard Finance announced plans to deploy its liquid-staking bitcoin token, LBTC, on Sui, further solidifying bitcoin's position in crypto markets, as reported by CoinDesk's Francisco Rodrigues. Meanwhile, Sui's native token was added to the Trump-owned World Liberty Financial Asset Reserve, resulting in a price surge. Danny Nelson broke the story of the week: DoubleZero Foundation, a stealthy startup aiming to create a 'new internet' to enhance blockchain performance, secured $28 million in funding at a $400 million valuation and is now seeking additional investment. In other news, Sam Bankman-Fried spoke with Tucker Carlson from his prison cell, marking another stop in his media campaign to secure a presidential pardon. Having previously supported Democratic electoral candidates, SBF now appears to be aligning with the GOP, and it remains to be seen whether his efforts will yield results in the coming weeks.