The prices of cryptocurrencies jumped after the surprise announcement of President Donald Trump that he wants the United States government to buy and maintain a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump’s growing attempts to use cryptocurrency volatile prices as a barometer of your public support.
Trump said social networks On Sunday that his administration is working to create a “cryptographic strategic reserve” that will include less known cryptocurrencies XRP, Solana and Cardano. Later he continued with another publication saying that his planned reserve would also include Bitcoin and Ether, the two most popular cryptocurrencies.
The announcement helped cryptogram prices to recover, at least temporarily, after recent Liquidations. Bitcoin quoted around $ 90,000 on Monday morning after diving below $ 80,000 last week. XRP, Solana and Cardano saw huge spikes in their prices after Trump’s announcement on Sunday, followed by a more gradual decrease until Monday morning.
In the campaign, Trump promised support for a storage of “strategic national bitcoin”, which would include Bitcoin that the United States government was previously seized in the actions of application of the law. Sunday’s announcement was the first time he advocated that the government had other types of cryptocurrencies.
The White House did not immediately provide additional details, including the amount of each type of cryptocurrency that Trump wanted to hold the United States, and how the government would acquire them, and if it favored including other types of cryptocurrencies as well.
Eric Trump, the president’s son, said the price increases validated the recent advice he has made on social networks to stock up on cryptographic assets. “With luck, I made someone’s life a little better”, aware In social networks.
The president has presented himself as a hero for the cryptographic industry, which he said in his announcement had been the objective of “years of corrupt attacks of the Biden administration.” The cryptographic industry felt unfairly attacked by the Biden administration and spent a lot to help the triumph elections.
Cryptography prices shot after Trump’s victory last year, and when Bitcoin’s price first crossed $ 100,000 in early December, Trump took the credit and published ”
But prices have fallen since the inauguration of Trump and Trump has faced criticism, even allies within the cryptographic industry, for helping to launch a personal meme coin just before assuming the position that has since collapsed in value. He MEME COINS CRASH Linked to the first lady Melania Trump and the Argentine president Javier Milei, along with a massive trick of an important exchange of cryptocurrencies that the FBI said that North Korea has also attenuated the enthusiasm for cryptography.
“Why is cryptography in the bathroom if Trump is Crypto King?” Dave Portnoy, a cryptography influencer and enthusiast give about Social networks last week.
It is likely that the inclusion of cryptocurrencies other than Bitcoin in front of a setback between some corners of the very divided cryptocurrency industry. Bitcoin is the oldest cryptocurrency and, very popular, and represents more than half of the global capitalization of the world cryptography market.
Government defenders celebrating a cryptography reserve said they would help diversify government holdings and coverage against financial risks. Critics say that cryptocurrency volatility makes them a bad choice as a reserve asset.
In addition to his announcement on Sunday, Trump also recently announced that he will speak and the leaders of the host industry on Friday at a “Crypto Summit” of the White House.
