US President Donald Trump has often claimed that he has accomplished unprecedented things – and keeping with that theme, his administration has announced the first ever White House Crypto Summit.
The summit, taking place on Friday, will include the participation of crypto and digital asset founders, executives and others from the burgeoning sector.
“The summit will be chaired by the White House AI and crypto Czar David Sacks, and administered by the working group’s Executive Director Bo Hines,” the White House said.
Mr Trump also signed an executive order on Thursday to establish a strategic Bitcoin reserve.
The reserve will be capitalised with Bitcoin owned by the federal government "that was forfeited as part of criminal or civil asset forfeiture proceedings", Mr Sacks said on X.
"This means it will not cost taxpayers a dime. It is estimated that the US government owns about 200,000 bitcoin; however, there has never been a complete audit ... The US will not sell any bitcoin deposited into the reserve. It will be kept as a store of value," he said.
For Mr Trump, the summit is the culmination of years of evolving thinking on crypto. During a 2021 interview with Fox Business, Mr Trump said that Bitcoin, one of the flagship crypto brands, was a “disaster waiting to happen” and claimed that it hurt the dollar.
But similar to his about-face on TikTok, Mr Trump seems to have changed his mind on crypto.
Throughout his presidential campaign, he criticised his predecessor Joe Biden's approach to crypto, which involved investigations into several firms like Coinbase. Many of these probes were dropped shortly after Mr Trump took office in January.
In the 2024 Republican Party platform, taking cues from Mr Trump, the party mentioned crypto in its official issue plank document.
“Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the platform read. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets.”
The Trump campaign received a large number of donations from those with an affinity for crypto, and shortly before taking office in January, Mr Trump even launched a launched a memecoin.
In December, Mr Trump's son Eric told attendees at a Bitcoin Mena conference in Abu Dhabi that his father would “fight like hell” to protect crypto from overregulation, and that he projected Bitcoin would hit $1 million in value.
Last week, Mr Trump said the US crypto reserve would have five cryptocurrencies, naming Bitcoin, Ethereum, Solana, XRP and Cardano as its potential core holdings.
That move, however, was met with criticism from some, including former White House labour secretary Robert Reich.
“This US crypto reserve could result in a direct wealth transfer of wealth from taxpayers to crypto industry donors and President Trump himself, who recently launched his own 'memecoin' and plans to create a crypto exchange through his media company,” he said on Instagram.
Despite existing for more than a decade, criticism and scepticism still abounds on crypto, which, unlike fiat currencies, lack an overall regulatory apparatus and are mostly decentralised.
Crypto has also created huge spike in the need for electricity.
During a presentation in Abu Dhabi last year on artificial intelligence and the energy industry, Steven Chu, a former energy secretary who served under president Barack Obama, expressed concern about how much electricity crypto mining was consuming.
“Roughly speaking, half the electricity of data centres is used to mine Bitcoin type currency,” he said.
Crypto mining is generally defined as the process by which digital assets are obtained and secured through a blockchain network.
“What is Bitcoin currency used for? Money laundering and evading taxes, so half of the electricity being used for that is not a good thing, and personally I think it should be outlawed, but in any case since it's making a lot of money, there are a lot of forces saying that they don't want to outlaw it,” Mr Chu added.
Those worries about crypto energy consumption have been felt all over the world. Most recently, crypto mining was banned in several locations throughout Russia as a way to preserve energy resources.
Though they're often touted for having ironclad security, crypto has not been without problems.
Just as crypto began to hit a stride in 2014, the popular Mt Grox was hacked, and other technical problems with the exchange resulting in the disappearance of thousands of Bitcoins.
In 2022, FTX, the second largest cryptocurrency exchange in the world, collapsed and fallout from fraud sent its founder Sam Bankman-Fried to prison.
According to the FBI, North Korea hacked the Bybit crypto exchange this month, which resulted in the theft of approximately $1.5 billion in virtual assets.
Yet crypto proponents are quick to point out that fiat currencies are also far from perfect, and optimism over the asset's future seems to spring eternal with the return of Mr Trump, who has promised to be the country's “first crypto president”.
“After the previous administration unfairly prosecuted the digital asset space, President Trump’s policy vision represents a new era for digital financial technology,” the White House said in a release. “The administration is committed to providing a clear regulatory framework, enabling innovation and protecting economic liberty.”
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
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Mohammed bin Zayed Majlis
The years Ramadan fell in May
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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UAE currency: the story behind the money in your pockets
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ETwin-turbo%2C%20V8%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%20and%20manual%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503%20bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E513Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh646%2C800%20(%24176%2C095)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Mohammed bin Zayed Majlis
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Zayed Sustainability Prize
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The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Killing of Qassem Suleimani
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