The POTUS says he’s ended Joe Biden’s ‘war’ on cryptocurrency
The so-called ‘golden age’ of the USA is on the horizon, with President Donald Trump championing a future where cryptocurrency reigns supreme. Just days before returning to office, Trump launched his own meme coin, perfectly timed as Bitcoin soared to a record high of $108,786 on inauguration day.
While Bitcoin has recently seen a dip, Trump’s meme coin has taken a $12 billion hit in value. But the future may still be bright. The President has announced plans for a crypto reserve, aiming to “ensure the US becomes the crypto capital of the world.”
In a surprising twist, Trump, who once dismissed crypto as a ‘scam’ in 2021, has since reversed course. He even made history as the first former president to use Bitcoin in a public transaction, purchasing a burger with the cryptocurrency. Could this be the start of a new digital era under Trump’s leadership? Only time will tell.
After signing the “Strengthening American Leadership in Digital Financial Technology” executive order in January, cryptocurrency prices are surging, fueled by the announcement of a US crypto reserve.
The executive order paves the way for a stockpile of top digital currencies, including Bitcoin, Ethereum, XRP, Solana, and Cardano (ADA). On Truth Social, Trump confirmed, “A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, 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.”
In a follow-up post, he added, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!”
The announcement sent cryptocurrency markets into a frenzy, with Bitcoin rising 11% to $94,164, Ethereum climbing 13% to $2,516, Solana jumping 25%, XRP soaring 33%, and Cardano skyrocketing 60%.
Overall, Bitcoin is trading about 20% higher than its recent lows, easing concerns of a ‘heliocentric reckoning.’ CoinGecko reports a 10% rise in the entire crypto market, adding a staggering $300 billion in value. At the 2024 Bitcoin conference, Trump even proposed the idea of a Bitcoin stockpile that would “keep 100% of all the Bitcoin the US government currently holds or acquires in the future.”
Crypto advocates have long supported the idea of a Bitcoin reserve, comparing it to Fort Knox’s gold holdings, believing it could significantly boost the legitimacy of digital currencies. With one Republican-backed Senate bill calling for the US Treasury to acquire one million Bitcoin—valued at roughly $93 billion—the momentum is undeniable.
Trump, confident in his efforts, declared, “We ended Joe Biden’s war on bitcoin and crypto,” adding, “We ended that war totally.”
While the future trajectory remains uncertain, with the first White House Crypto Summit scheduled for March 7, all signs point to a promising period ahead for the cryptocurrency market.
