Bitcoin saw a sharp surge in value over the weekend, breaking through the $95,000 mark after dropping to a three-month low below $80,000 on Friday. This dramatic rebound was largely triggered by an announcement from former President Donald Trump regarding a new strategic reserve for cryptocurrencies, aimed at positioning the U.S. as the global leader in digital assets.
Trump’s original post on Truth Social left Bitcoin out of the reserve plan, causing confusion among crypto enthusiasts. Many questioned why the largest cryptocurrency by market cap wasn’t included in such a pivotal initiative. However, Trump quickly addressed the concerns with a follow-up post, clarifying that both Bitcoin (BTC) and Ethereum (ETH), as valuable assets, would be central to the reserve strategy. “I also adore Ethereum and Bitcoin,” Trump stated, reassuring the crypto community.
In his initial message, Trump emphasized that the establishment of the reserve would solidify the U.S.’s status as the “crypto capital of the world.” The announcement sent Ethereum, which had struggled with significant losses this year, soaring by 12% alongside Bitcoin’s rise.
The news has generated considerable anticipation as investors await further details on Trump’s plans. This Friday, the former president will host the first White House Crypto Summit, where additional insights into the reserve strategy are expected to be revealed.
Trump clarified that his preferred approach is a “reserve” rather than a “stockpile,” suggesting that the U.S. would actively purchase cryptocurrencies in installments, rather than simply holding onto them without trading. This clarification is seen as a nod to Bitcoin advocates who were concerned that Trump might not honor his campaign promise to establish a strategic reserve centered around Bitcoin.
Meanwhile, tensions remain with the Ripple community, whose founders have been accused by Bitcoin proponents of undermining efforts to create a Bitcoin-focused reserve. As the debate intensifies, all eyes are on the upcoming summit and the future of the U.S. cryptocurrency reserve strategy.
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