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Ryan Gilbert, a fintech investor, said the reserve will send a strong message to institutions that bitcoin is here to stay.
"We're also seeing that this is going to be the mirror image of a lot of corporations that have looked at their treasuries and started to invest in bitcoin," he said, pointing to Saylor and Strategy as early adopters. "I think this will spark a whole new wave of confidence in the asset, both from corporations and the U.S. government."
Saylor's company has amassed a roughly $43 billion stash of bitcoin, accounting for almost all of its market cap.
"I think this executive order is well considered and auspicious for the United States, the crypto industry, and bitcoin," Saylor told CNBC.
The move faces some pressure from Democrats. Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent a letter to Sacks ahead of the meeting, raising conflict-of-interest concerns and questioning whether Sacks had advance knowledge of Trump's Truth Social post that initially floated a multi-coin strategic reserve.
Warren called on Sacks to disclose any financial holdings in bitcoin, ether, solana, and other assets included in the reserve, noting that his firm, Craft Ventures, was heavily invested in these tokens through Bitwise as of Jan. 1. She also pressed for public disclosure of his government ethics filings, which, as an unpaid special government employee, he has to file but isn't required to make public.
Sacks said this week on X that he sold "all my cryptocurrency and my crypto-focused funds" before joining the administration.
After the summit, many of the attendees will regroup at an off-the-record event hosted by Coinbase, along with invited members of the administration. Armstrong is gearing up to play the long game.
"The fight for crypto here is more urgent than ever," Armstrong said. "If the U.S. leads on this front, I think the rest of the G20 could be pretty inspired by it, and that has a lot of domino effects downstream."
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