In addition to other cryptocurrencies that President Donald Trump addressed in a recent Truth Social post, Bitcoin saw a significant surge, rising almost 20% from its recent lows.
The market’s behavior revealed Following the president’s announcement on social media, Bitcoin surged to $95K on Sunday. When it was published, Bitcoin had dropped below $93K instead.
According to Trump’s January executive order on digital assets, a U.S. currency reserve including Bitcoin, Ether, XRP, Solana, and Cardano would be established.
In a Sunday post on his social media platform, Truth Social, the president of the most powerful economy in the world disclosed the plan, saying that a presidential working group had been directed to proceed with the establishment of the reserve.
“The initiative aims to support the crypto industry and strengthen America’s position in the global digital asset market,” he said. “After years of corrupt attacks by the Biden Administration, a US Crypto Reserve will elevate this critical industry, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump stated.
The biggest cryptocurrency in the world saw a positive shift in mood following this news after losing ground since mid-January as a result of dissatisfaction with Trump’s failure to loosen regulations. Since the price of Bitcoin peaked at $109,000 in early January, more than a fifth of its worth has been removed.
Trump disclosed plans to create a crypto strategic reserve in the United States in the last quarter of 2024, indicating his support for the cryptocurrency industry.
He declared, “We’re going to do something great with crypto because we don’t want China or anybody else to embrace it, but others are, and we want to be ahead.”
Bitcoin dropped more than 17 percent last month, marking its largest monthly percentage decline since June 2022.
Optimism that the crypto-friendly president would support a strategic Bitcoin fund and end the Biden administration’s crackdown on the sector has propelled its rally since Trump’s election in November.
However, investors haven’t heard much specific news about that policy thus far, aside from the rush of tech-friendly officials Trump appointed to office.
America’s Crypto Czar confirms Trump’s strategy
White House AI and crypto czar David Sacks has endorsed President Donald Trump’s declaration of an American strategic reserve for cryptocurrency.
“President Trump has announced a Crypto Strategic Reserve consisting of bitcoin and other top cryptocurrencies,” Sacks wrote in a post on the social media site X. President Trump is making the U.S the “World’s Crypto Capital.’
Sacks announced plans for a major industry gathering: “On Friday, March 7, President Trump will host the first White House Crypto Summit. Prominent CEOs, investors, and founders from the cryptocurrency sector will be among the attendees. I hope to see you all there!”
The summit is anticipated to help the administration and important stakeholders communicate, strengthening America’s prominent position in the global crypto industry
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