Donald Trump caused an outcry by announcing that the Bitcoin Strategic Reserve would also include other cryptocurrencies.
Bitcoin – Not crypto
We attended this weekend a lifting of shields following the controversial tweet of the American president on his social network (social social):
An American Cryptos reserve will strengthen this important industry which has suffered from attacks from the Biden government for years. This is why my decree on digital assets commands the presidential working group to move forward on a “crypto stratute reserve including XRP, Sol and ADA.
Faced with misunderstanding, Donald Trump said two hours later that “The BTC and the ETH will obviously be at the heart of the reserve. I Also Love Bitcoin and Ethereum! »»
This announcement is surprising since the president had only talked about “Bitcoin Stockpile” During his campaign. This suddenly inclusive attitude is less surprising when you know that his son Eric Trump tweeted at the beginning of February:
It is in my opinion the right time to increase his exhibition in Ethereum. You will thank me later.
The tweet was then edited to remove the second sentence. The same day, the family business World Liberty Financial Transferred more than $ 212 million in ETH to Coinbase Prime… Eric Trump holds shares in World Liberty Financial and also has BTC, ETH, soil and other cryptocurrencies.
Not to mention the “Trump Coin” or the “Melania Coin”, two same whose collapse was flash. The Trump Coin melted by 80 % in less than a month.
Rain of criticism
Many people think that Donald Trump and his entourage or orchestrate these Pumps to thank certain donors from his campaign. Besides, the White House Advisor David Sacks is not his first try. Own confessions of the “crypto tsar”.
In this 2021 video, David Sacks and Chamath Palihapitiya boast of having bought huge quantities of Solana with the intention of dumpering them on small carriers. Solana was nicknamed at the time “Sam's Coin”, in honor of the CEO of FTX Sam Bankmanfried who even promoted it to her prison guards.
David Sachs defended himself by claiming to have liquidated all his “Direct positions including BTC, Sol and ETH” Before entering the Trump government. However, he would still have indirect positions via his shares in Bitwise company, one of the flagship products of which is “Bitwise 10 Crypto Index Fund” …
Even Peter Schiff felt obliged to go up to the niche to defend bitcoin:
“Even if I am against it, I understand the raison d'être of a bitcoin reserve. We already have a gold reserve, and since Bitcoin is digital gold, that is to say gold, why not also create a bitcoin reserve. But what is the raison d'être of an XRP reserve? Why would we need it? »»
Brian Armstrong, however CEO of Casino Coinbase, was also very surprised. “Bitcoin would probably be the best option. The sales argument is the simplest and clearest as a successor to gold ”,, he said on x.
Exit liquidity…
In just 3 hours, the market capitalization of the cryptocurrency market has fleshed up by $ 300 billion. A good part of these earnings came from Bitcoin which took over $ 94,000 without effort.
We were treated to the first $ 10,000 daily candle. The looks are now turning to the opening of the US Bitcoin Etf to possibly resume the $ 100,000.
Of course, the cryptocurrencies mentioned by Donald Trump also flew. The Cardano (ADA) leaps +64 % while XRP and Solana garnered +30 % and +21 %. But would it not be the rebound of the dead cat?
It is not unlikely that we ultimately witness a retropedage. Donald Trump could make such a request to be sure that Congress accepts at least to create a bitcoin reserve.
In addition, the secretary of trade Howard Lutnick who oversees the American sovereign fund is rather in the camp of the “maximalists”. The bellows These crypto will fall as dry if the strategic reserve was to consist of 95 % bitcoins…
Also remember that senator Cynthia Lummis in charge of the powerful banking senatorial commission is maximalist. His bill providing for buying at least one million bitcoins is called ” Bitcoin Act “, And not” Crypto Act “.
In this regard, note that Elon Musk recently followed the senator on X and that her Tesla and Starlink companies have exclusively bitcoins …
In short, be careful. Give in to the euphoria for any other cryptocurrency than Bitcoin remains hazardous. Don't miss our article Bitcoin: River's shock predictions.
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