By 
President Donald Trump revealed on Sunday that his economic team is working on establishing a strategic reserve using cryptocurrencies. He made the announcement on his social media platform, Truth.
The mandator indicated five preferred cryptocurrencies, with three being lesser known: XRP, Solana, and Cardano. Bitcoin and Ethereum are the other two widely circulated currencies.
XRP, Solana, and Cardano experienced significant increases in value following the announcement, with XRP reaching a high of 34%, while Solana and Cardano saw growth of 22% and 63% respectively. The president’s statement about Bitcoin and Ethereum being in a “Conserve Quote” resulted in a 10% increase for Bitcoin and a 12% increase for Ethereum.
Trump’s statements boosted the crypto market, which had been struggling due to other countries’ reactions to his tax policies. The currency’s instability was unwelcome in such an unpredictable situation.
Government in favor of encryption.
The establishment of a strategic cryptocurrency reserve was a commitment made during the re-election. Increased flexibility for the industry following the Trump election in November has led to a surge in the market, resulting in a series of record highs for Bitcoin in recent months.
Analysts suggest that the cryptocurrency market direction should be influenced by a signal of decreasing interest rates from the Federal Reserve or a well-defined regulatory structure put forth by the government supportive of cryptocurrencies.
Investing in cryptocurrency is a voluntary choice, and no one is forced to do so.
Javier Milei, the president of Argentina, reiterated his comments on the cryptocurrency meme $Libra, stating that he is not to blame for the asset’s collapse and that investors were aware of the risks involved.
Investing in the Pound was a voluntary choice, with no one forcing them to do so, according to Milei in an interview with the LN+ channel. He mentioned that he is not a central figure in the situation and is waiting for the results of the investigations by Argentine authorities.
“It resembles rumors one might hear from disgruntled individuals at a hair salon. To be clear, the issue involves third parties, not me,” stated the president.
Comments