Former President Donald Trump has ignited a surge in the cryptocurrency market by announcing the creation of a US 'Crypto Reserve' and declaring his intention to make America the 'crypto capital of the world.' The move, which includes prominent cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Cardano, has reversed a recent downturn in the market.
Bitcoin and other cryptocurrencies have experienced a surge in value following a statement by former President Donald Trump . Trump, who has expressed his intention to incorporate cryptocurrencies into government policy, announced the creation of a US ' Crypto Reserve ' to support the 'critical industry.' This announcement comes after a period of decline in the cryptocurrency market following the US election, where anticipated pro-crypto policies did not materialize immediately.
Trump's statement on his Truth Social platform, which included mentions of XRP (Ripple), SOL (Solana), and ADA (Cardano), triggered a significant upward movement in the market. He also emphasized that Bitcoin (BTC) and Ethereum (ETH), considered major cryptocurrencies, would be central to the reserve. Prior to this announcement, Bitcoin's price had fallen below £63,000, erasing most of the gains made since Trump's victory in the November election. The cryptocurrency had reached a peak of around £86,000 per Bitcoin when Trump was inaugurated in January. However, investor disappointment over a perceived lack of action on his crypto-related promises led to a decline in market sentiment. Kathleen Brooks, an analyst at finance firm XTB, attributed the previous downturn to the absence of concrete policies from Trump's administration, despite his campaign promises to institutionalize cryptocurrencies.Trump's stance on cryptocurrencies has evolved significantly since his previous presidency. During his first term, he expressed skepticism towards Bitcoin and other cryptocurrencies, citing concerns about their volatility and potential for illicit activity. He stated that unregulated crypto assets could facilitate unlawful behavior, including drug trading and other illegal activities. In 2021, Trump characterized Bitcoin as a 'scam' and expressed his disapproval of its potential to undermine the US dollar's dominance. Now, however, he has embraced cryptocurrencies, even launching his own digital coins, $TRUMP and $MELANIA, with his wife, Melania. He has also become the first presidential candidate to accept cryptocurrency donations, further solidifying his position as a crypto advocate
Technology Politics Cryptocurrency Bitcoin Donald Trump Crypto Reserve Cryptocurrency Regulation US Economy
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