The article discusses the instability of the U.S. economy under President Trump's second term and its impact on the cryptocurrency market. Despite initial excitement over Trump's announcement to establish a federal cryptocurrency reserve, the actual executive order led to a steep decline in Bitcoin's value, dropping nearly 20% from its January high. Analysts and crypto investors expressed disappointment, citing that the reserve primarily utilized existing government-owned shares. A lack of clarity on future government purchases further contributed to the market's negative reaction.
After Trump posted in January that he would sign an executive order to establish a crypto stockpile, the market responded enthusiastically and prices rose accordingly.
Although the order leaves the door open to possible government Bitcoin purchases in the future, White House crypto czar David Sacks clarified that the executive branch was only 'authorized to develop budget-neutral strategies for acquiring additional Bitcoin'.
Collection
[
|
...
]