Trump tries to rescue his wealthy cryptocurrency supporters with “US crypto reserves”

Just a few days ago, bastard Posted an article Investigate why Bitcoin and other cryptocurrencies are suddenly free to get into trouble. Of these four main reasons, three are attributed to the actions of Donald Trump and his president.

That’s not what people expect from Trump, who promises to become pro-Cretto president after his advocates helped him win the presidency.

But over the weekend, as Bitcoin lost about one-fifth of its value, Trump suddenly announced that it temporarily made the value of cryptocurrencies soar again.

In his social media platform Truth Social, Trump announced that the U.S. government will create a “strategic cryptocurrency reserve” and begin buying a variety of cryptocurrencies. Trump specifically mentioned five: Bitcoin, Ethereum, XRP, Solana and Cardano.

“The U.S. crypto reserves will boost this critical industry after years of corruption attacks on the Biden administration, which is why the executive order I’ve executed on digital assets directed the Presidential Working Group to advance crypto strategic reserves, which include XRP, SOL and ADA,” he said. Posted trump card. “I will make sure the United States is the crypto capital of the world. We make America great again!”

Crypto is immediately rising in the market. For example, Bitcoin rose from the $85,000 range to the $95,000 range, ending the spiral that seems to be downward in the crypto market.

But critics immediately called on Trump and his administration to take action. First, it seems like a weird strategy to be responsible for a cost-cutting initiative led by Elon Musk to use taxpayer dollars to buy cryptocurrencies.

“No one announced tax or spending plans,” White House AI and Crypto Czar David Sacks explain These critics. “Maybe you should wait to find out what is actually proposed.”

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Silicon Valley venture capitalist Sacks never fully shared the proposed follow-up work.

While most people may have heard of Bitcoin and Ethereum, the other three cryptocurrencies the president mentioned are available to very niche crypto audiences. Solana may be the platform for many meme coins. For example, Trump’s Controversial Meme Coin Transactions on the Solana blockchain. Some cryptocurrency advocates have even criticized Trump for inclusion in XRP and ADA for fear of centralization and lack of Stablecoin issuers.

But speaking of sacks, his chance links with five specific cryptocurrencies Trump wants the U.S. government to buy has also attracted a lot of attention.

Sacks was an early investor in Solana and therefore had a large number of Solana Crypto Holdings. Sax claims he has sold all his cryptocurrency since then. However, Sax has not yet had a connection with his venture capital firm Crafts Enterprise and its connection to five specific cryptocurrencies.

Craft Ventures invests in Crypto companies such as Crypto Asset Manager Bitwise, which has a large amount of cryptocurrencies. Its top five cryptocurrency holdings? Bitcoin, Ethereum, XRP, Solana and Cardano.

We have to wait and see what Trump and the sack plan is doing well here to study the consequences, but so far, that looks pretty good.

As for Trump’s attempt to help the cryptocurrency market, the rebound seems to be only temporary. As of publication, most cryptocurrencies have dropped to their trading levels before Trump announced.