Donald Trump is angry Cryptocurrency trading and accusations on Sunday after identifying several coins that could be in the future US Strategic Crypto Reserve. Trump, along with Bitcoin, said XRP, Solana, Cardano and Ether will be seen as inclusive.
“After years of corruption attacks on the Biden administration, U.S. crypto reserves will boost this critical industry, which is why my executive order on digital assets directs the presidential task force to move forward towards crypto strategic reserves including XRP, SOL and ADA,” Trump wrote in Truth. ” postal On Sunday.
“And, obviously, BTC and ETH as other valuable cryptocurrencies will be at the heart of the reserve. I also like Bitcoin and Ethereum!” additional Two hours later, perhaps to appease the tribe that forgot toast.
one Executive Order Trump’s signature in January has pointed out that other cryptocurrencies besides Bitcoin will be included in the reserve, but the president has not previously determined which coins are being considered. (The government has not confirmed the size of the reserve or where the coins will come from.)
Crypto traders seized on this new message, piling up in coins Trump picked up, causing a sharp but temporary bump in price between 9% and 65%. Since then, the price of the coin is roughly the same as before the announcement.
Meanwhile, in the crypto circle, the question becomes: Why did Trump choose these specific coins? The case of Bitcoin reserves is based on The shaky assumption The rising price of Bitcoin will offset the loss of consumption power caused by inflation. But what makes these other coins (many of them have very turbulent pricing) “strategic”?
The White House Press Office did not immediately respond to a request for comment.
Some members of the crypto industry, especially Bitcoinsuspecting that Trump’s decision was trampled by the money invested by specific cryptocurrency companies in the 2024 U.S. election.
Cryptocurrency businesses as election progresses More than US$150 million were transferred To support the super PAC for pro-Creputo congressional candidates, many of whom are Republicans. One of the most generous donors is the cross-border payments company Ripple, whose services rely on XRP, venture capital firm A16Z, which once used to Invest in SolanaConsistent with software companies, One of the co-founders of Ethereum.
“In the end, I believe the government will understand that it doesn’t make sense to put a company’s token in a strategic reserve. Only Bitcoin has no company to oversee it and is evaluated as a strategic asset on top of the standards,” said Cory Klippsten, founder of Swan Bitcoin, a Bitcoin trading platform, only. “If politicians absolutely have to repay favors from the last election cycle to crypto industry donors, maybe they can add altcoins to sovereign wealth funds.”
