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.”
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Zayed Sustainability Prize
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
Sholto Byrnes on Myanmar politics
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HEADLINE HERE
- I would recommend writing out the text in the body
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- That's about it
The years Ramadan fell in May
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Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Killing of Qassem Suleimani
Company%20profile
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Killing of Qassem Suleimani
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Mohammed bin Zayed Majlis
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Killing of Qassem Suleimani
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SUCCESSION%20SEASON%204%20EPISODE%201
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if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
Tips%20for%20holiday%20homeowners
%3Cp%3EThere%20are%20several%20factors%20for%20landlords%20to%20consider%20when%20preparing%20to%20establish%20a%20holiday%20home%3A%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cstrong%3ERevenue%20potential%20of%20the%20unit%3A%3C%2Fstrong%3E%20location%2C%20view%20and%20size%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EDesign%3A%20furnished%20or%20unfurnished.%3C%2Fstrong%3E%20Is%20the%20design%20up%20to%20standard%2C%20while%20being%20catchy%20at%20the%20same%20time%3F%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EBusiness%20model%3A%3C%2Fstrong%3E%20will%20it%20be%20managed%20by%20a%20professional%20operator%20or%20directly%20by%20the%20owner%2C%20how%20often%20does%20the%20owner%20wants%20to%20use%20it%20for%20personal%20reasons%3F%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EQuality%20of%20the%20operator%3A%3C%2Fstrong%3E%20guest%20reviews%2C%20customer%20experience%20management%2C%20application%20of%20technology%2C%20average%20utilisation%2C%20scope%20of%20services%20rendered%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Adam%20Nowak%2C%20managing%20director%20of%20Ultimate%20Stay%20Vacation%20Homes%20Rental%3C%2Fem%3E%3C%2Fp%3E%0A
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Taylor Swift
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KILLING OF QASSEM SULEIMANI
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The five pillars of Islam
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Mohammed bin Zayed Majlis
In%20the%20Land%20of%20Saints%20and%20Sinners
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERobert%20Lorenz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Liam%20Neeson%2C%20Kerry%20Condon%2C%20Jack%20Gleeson%2C%20Ciaran%20Hinds%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Zayed Sustainability Prize
ENGLAND%20SQUAD
%3Cp%3EFor%20Euro%202024%20qualifers%20away%20to%20Malta%20on%20June%2016%20and%20at%20home%20to%20North%20Macedonia%20on%20June%2019%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGoalkeepers%3C%2Fstrong%3E%20Johnstone%2C%20Pickford%2C%20Ramsdale.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EDefenders%3C%2Fstrong%3E%20Alexander-Arnold%2C%20Dunk%2C%20Guehi%2C%20Maguire%2C%20%20Mings%2C%20Shaw%2C%20Stones%2C%20Trippier%2C%20Walker.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EMidfielders%3C%2Fstrong%3E%20Bellingham%2C%20Eze%2C%20Gallagher%2C%20Henderson%2C%20%20Maddison%2C%20Phillips%2C%20Rice.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EForwards%20%3C%2Fstrong%3EFoden%2C%20Grealish%2C%20Kane%2C%20Rashford%2C%20Saka%2C%20Wilson.%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
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