President Trump Pushes Bitcoin Past $95K
Bitcoin experienced a dramatic rise after falling to a three-month low below $80,000 on Friday.
President Donald Trump announced a crypto strategic reserve for the world’s largest economy, which caused the price of bitcoin to soar past $95K on Sunday.
Bitcoin was left off the list in his first post on Truth Social, leaving observers perplexed, to why the biggest cryptocurrency asset by market capitalization wouldn’t be part of such a reserve. “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the reserve,” Trump wrote in a second post to Truth Social, seemingly in response to the confusion.
“I also adore Ethereum and Bitcoin,” Trump declared. The president claimed that the move was an attempt to turn the nation into the “crypto capital of the world”.
Ether, a cryptocurrency that has suffered some of the biggest losses this year, rose by 12%.
Investors are anxiously awaiting more clues about the direction of the reserve plans as Trump hosts the first White House Crypto Summit on Friday.
Trump has stated that he favors a cryptocurrency “reserve” rather than a “stockpile.”. A stockpile means not selling any cryptocurrency the US possesses, even though the former assumes actively buying cryptocurrency in regular installments.
Bitcoiners were concerned that the president would not fulfill his campaign pledge to establish a strategic reserve of the largest and most established cryptocurrency, which prompted the announcement.
Ripple, whose founders made XRP, was charged by the Bitcoin community in January with trying to “undermine” initiatives to establish a reserve focused on Bitcoin.
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