A few days ago, Mashable I posted an article Investigate why Bitcoin and other cryptocurrencies suddenly fall free. Three of the four main reasons were due to Donald Trump and his actions.
This is not expected by Trump, who promised to be a professional creepto after helping advocates beat the president.
But when Bitcoin lost about one -fifth of its value during the weekend, Trump suddenly announced that he had temporarily sent the value of cryptocurrency.
Four reasons why Bitcoin value sprinkled nose. (Hint: It’s Trump.)
Trump has announced that in the social media platform Truth Social, the US government will create “Crypto Strategic Reserve” and start purchasing various cryptocurrency. Trump specifically mentioned 5: Bitcoin, Ether Leeum, XRP, Solara and Kardono.
“US Crypto Reserve will enhance this important industry with the years of corrupt attacks in the years of corrupt attacks in Biden Administration, so my executive order for digital assets has been instructed for the presidential group to develop encryption strategies, including XRP, SOL and ADA.” Post erase. “I will confirm that the United States is the capital of the world. We are making the United States great again!”
Encryption immediately crossed the market. For example, Bitcoin rose from $ 85,000 to $ 95,000, recording the seemingly downward spiral that the encryption market is experiencing.
But critics immediately published Trump and his executive. First of all, it looked like a bizarre strategy of the executive that led the cost reduction initiative led by Elon Musk. I bought a cryptocurrency using the taxpayer dollar.
Creepy light
“No one has announced tax or expenditure programs.” White house AI and Crypto Czar David Sacks Sayed To those critics. “Maybe you have to wait to find what’s actually suggested.”
SACKS, a Silicon Valley Venture Capitalist, did not share exactly what was proposed as a follow -up.
Most of them are likely to have heard of Bitcoin and Ether Leeum, but the other three other cryptocurrencies mentioned by the president are very niche Crypto audience. Solana is probably best known as a platform with many memes coins. For example, Trump Controversial meme coin Solana blockchain is traded. Some encryption advocates have even criticized Trump’s XRP and ADAs due to concerns about centralization and lack of stable publishers.
But in terms of sacks, there was a consistent relationship with five specific cryptocurrencies that received great attention and Trump wanted to buy.
SACKS was an early investor of Solana, and as a result, Solana encryption had a lot. SACKS later claimed that he had sold all his encryption holdings. However, SACKS has not yet talked with the venture capital company Craft Ventures and the relationship between five specific cryptocurrencies.
Craft Ventures invests in encryption companies such as Bitwise, an encryption asset manager with significant encryption. Top 5 cryptocurrency Holdings? Bitcoin, Etherrium, XRP, Solana and Cardano.
We need to see exactly what Trump and Sacks are planning to survey the ripple effect here, but it doesn’t look good until now.
In terms of Trump’s attempt to help the encryption market, bounce seems to be temporary. At the time of publication, most cryptocurrency returned to the trading level before Trump’s announcement.
