The White House hosted its first-ever “crypto summit” on Friday, gathering top executives from the digital asset industry to discuss the Trump administration’s plans to reverse the regulatory crackdown imposed during Joe Biden’s presidency.
However, the meeting left many attendees underwhelmed, failing to provide the clarity and support some had anticipated. Here’s where major cryptocurrencies stood over the past 24 hours:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (BTC) | $86,052 | -0.8% |
| Ethereum (ETH) | $2,182 | +1.5% |
| Solana (SOL) | $136 | -4.3% |
| XRP (XRP) | $2.33 | -2.5% |
| Cardano (ADA) | $0.811 | -0.9% |
| Dogecoin (DOGE) | $0.1925 | -3.5% |
Trump’s Economic Misstatements
The event took place just three days after Trump’s first address to Congress since returning to office, where he made several bold claims—one of which misrepresented the state of the U.S. economy.
“As you know, we inherited an economic disaster and an inflation crisis from the previous administration,” Trump declared. However, economic data tells a different story.
The Facts:
- Gross Domestic Product (GDP): Under Joe Biden, real GDP growth averaged around 3.4% over the first three years of his presidency, including a 2.5% growth in 2023. By comparison, excluding the pandemic year of 2020, Trump’s first-term GDP growth averaged about 2.5%. Factoring in 2020’s economic contraction, his overall term averaged just 1.6%.
- Inflation: Trump claimed that the U.S. faced “the worst inflation we’ve ever had.” However, inflation was far higher in the past, notably surpassing 9% in 1981. While inflation peaked at 9.1% in June 2022 under Biden, it steadily declined to 2.9% by December 2024.
- Stock Market Performance: The S&P 500 has risen approximately 50% since Biden’s inauguration, despite a 19% drop in 2022 due to Federal Reserve interest rate hikes. The Dow Jones Industrial Average (DJIA) crossed multiple milestones during Biden’s tenure, including:
- 30,000 points on Nov. 24, 2020 (shortly after Biden’s election)
- 35,000 points on July 23, 2021
- 40,000 points on May 17, 2024
Under Trump’s current term, consumer confidence has dropped, inflation has worsened, and the stock market experienced its worst week in six months, according to Forbes.
Unanswered Questions About Trump’s Crypto Strategy
One of the key takeaways from the summit was the lack of clarity surrounding Trump’s proposed digital asset stockpile. The administration insists that funding for this initiative will not come at “incremental costs on American taxpayers,” but no concrete plan has been outlined.
With both Republicans and Democrats raising concerns, uncertainty looms over how the initiative will be financed without new taxes or federal expenditures.
Memecoins and the Summit’s Political Undertones
The March 7 summit took place less than two months after Trump and members of his family launched their own memecoins. While this has raised eyebrows, the event itself marked a significant shift from the Biden era, when SEC Chair Gary Gensler’s regulatory enforcement drew criticism from the crypto industry.
Attendees at the summit included notable figures like MicroStrategy’s Michael Saylor, Coinbase CEO Brian Armstrong, and Robinhood CEO Vlad Tenev. This gathering underscored Trump’s apparent pro-crypto pivot, a stark contrast to the aggressive enforcement actions seen under Biden’s SEC.
However, not everyone in the crypto industry is convinced of Trump’s vision. While his administration claims to support digital asset innovation, skepticism remains over whether its policies will lead to meaningful reform or further instability. As Axios reporters Felix Salmon and Zachary Basu noted, Trump’s federal government has become “the primary driver of the chaos.”
What’s Next?
Despite the excitement surrounding the summit, many in the crypto industry left the event with more questions than answers. How will the administration address regulatory uncertainty? What will happen with upcoming ETF approvals? And most importantly, how will Trump’s economic policies impact the broader financial ecosystem?
For now, the crypto world remains in limbo, waiting to see if the administration’s promises translate into real action—or if the industry is in for another unpredictable ride under Trump’s leadership.
