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The White House’s upcoming March 7, Crypto Summit has stirred debate over the federal government’s role in digital assets.

President Donald Trump fumbled the highly anticipated announcement of a Strategic Crypto Reserve, initially omitting bitcoin and ETH, the two most valuable digital assets.

In a post on Truth Social, President Trump declared, “A Crypto Strategic Reserve that includes XRP, SOL, and ADA,” The omission quickly sparked confusion and debate.

Nearly two hours later, the President attempted to clarify, posting , “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”

This announcement ignited a heated online debate with one unlikely participant.

Crypto reserve plan shocks industry as Gold Schiff weighs in

In an unexpected twist, longtime bitcoin critic Peter Schiff begrudgingly acknowledged the rationale for a U.S. bitcoin reserve, likening it to the nation’s gold holdings.

He also shared sharp criticism of other digital assets proposed for the reserve.

‘Promises made. Promises kept’

The Trump administration’s Executive Order 14178 , issued in January, laid the groundwork for forming a U.S. Crypto Stockpile.

The administration has framed the initiative as a hedge against inflation and a step toward financial resilience.

The reserve’s composition has become a central point of contention .

Industry icons voice opinions, “only Bitcoin”

Bitcoin’s dominance in the crypto market is undeniable, but whether other digital assets should share its status in the U.S. reserve remains a divisive issue.

Michael Saylor, CEO of Strategy and a staunch Bitcoin advocate, responded to the announcement with, “Bitcoin is the foundation of the crypto economy.”

David Bailey, CEO of Bitcoin Magazine , took a similar stance by insisting that “only Bitcoin” belongs in the reserve.

Coinbase CEO Brian Armstrong proposed a more measured approach, suggesting that just bitcoin would probably be the best option while acknowledging the government’s broader intent.

Supporters of a bitcoin-centered reserve view this as an inevitable outcome. Matt Hougan, Bitwise's CIO, believes that once the details are finalized, the reserve will consist almost entirely of bitcoin and will be larger than most expect. This prediction aligns with the increasing sentiment that this initiative will further cement bitcoin’s status as digital gold.

Howard Lutnick, Secretary of the Treasury, reported that bitcoin will hold a unique position within the reserve.

“A bitcoin strategic reserve is something the President’s interested in.”

He confirmed that President Trump has consistently committed to a bitcoin strategic reserve and that details on how other digital assets will be handled are expected to be announced soon.

Lutnick reinforced that Bitcoin is one thing, while other crypto tokens will likely be treated differently but still positively under the new framework.

Bitcoin price continues to ping-pong

Following the White House’s announcement, bitcoin surged to $94K, fueled by optimism over institutional recognition.

This rally was short-lived, as growing concerns over federal intervention and asset selection caused a swift pullback to $78K.

Tariff uncertainty also factored in speculative trading and doubt over the legitimacy of altcoins within a national reserve.

As the market grapples with these developments, all eyes are now on the upcoming summit.

Leaders gather to shape U.S. digital asset strategy

Led by Crypto Czar David Sacks and Executive Director Bo Hines, the summit will bring together influential figures from the crypto industry and financial policy circles.

While some industry leaders have confirmed their attendance, the full guest list remains undisclosed, adding speculation about who might influence the final direction of U.S. crypto policy.

With the White House’s crypto initiative now at the center of global attention, the summit could mark a turning point in U.S. financial strategy.

The administration’s decisions will shape the regulatory landscape and the role of digital assets in national reserves for years to come. The question remains whether the U.S. will commit to a Bitcoin-only reserve or push ahead with a diversified approach.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of TheStreet Crypto. This piece is for informational purposes only and should not be considered financial or investment advice.