Matrixport: The Crypto Summit may boost the market in the short term, and the US government may use its gold reserves to buy Bitcoin

Odaily News Matrixport released a weekly report stating that as the White House cryptocurrency summit approaches on Friday, any positive headlines may boost short-term momentum, but the market's structural weaknesses and macroeconomic headwinds remain key risks. If Trump conveys a strong message in support of cryptocurrency, it may inject new vitality into the market, but its sustainability depends on the broader economic and policy environment. This summit is the first in the history of the White House dedicated to cryptocurrency. This is consistent with the Trump administration's efforts to promote a pro-cryptocurrency agenda, reversing the strict regulatory stance of the Biden era.
A key focus of the White House Crypto Summit is expected to be Trump's proposed U.S. strategic cryptocurrency reserve. On March 2, 2025, Trump announced through his personal social media Truth Social that the reserve will include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Cardano (ADA), with Bitcoin and Ethereum forming the "core" of the reserve. Trump's March 2 announcement sent cryptocurrency prices soaring, with XRP, SOL and ADA initially rising by as much as 60%, while Bitcoin and Ethereum rose by more than 10%. The market is currently closely watching the outcome of the summit and expects that further price fluctuations may occur in the future.
Trump’s social media posts have fueled speculation about building a strategic reserve of Bitcoin, but the distinction is crucial. “Reserve” implies active accumulation. The January executive order, on the other hand, focused on assessing digital asset reserves, suggesting a more passive strategy—mainly holding $20 billion in seized cryptocurrencies (97.9% of which is Bitcoin) rather than further purchases.
The U.S. government could use its gold reserves to finance the purchase of Bitcoin, especially if the Strategic Bitcoin Reserve initiative advances. The Bitcoin Act, introduced by Senator Cynthia Loomis, proposes using the market value of gold—currently about $688 billion, well above its $11 billion book value—to acquire 1 million Bitcoins over five years. This would likely mean selling gold at market prices and reallocating the proceeds.