Bitcoin Tests $90K on Speculation of Trump’s Crypto Reserve Plan
Bitcoin (BTC) has been reported in President Donald Trump’s proposed U.S. crypto reserve strategy that Bitcoin (BTC) has surpassed the $90,000 mark.
The speculation comes ahead of the White House crypto summit, where Trump will host and invite top digital asset industry leaders.
Trump’s Bitcoin reserve plan unveils
Howard Lutnick, the Minister of Commerce, today’s Pavlovick Strategic cryptocurrency reserves President Trump’s White House crypto summit will be Friday’s agenda.
“The president definitely thinks there is a strategic reserve for Bitcoin. There will be a question now, how do we deal with other cryptocurrencies? I think the model will be announced on Friday.” statement.
Trump reportedly envisions strategic bitcoin reserves to distinguish them from other cryptocurrencies. Lutnick suggests Bitcoin gain a unique position under Trump’s plan.
He added: “So bitcoin is one thing, and then, I think other currencies, another currencies will be treated differently, but with different attitudes.”
After this news, Bitcoin recovered its psychological level of $90,000, and as of this writing, BTC was trading at $90,097. According to Beincrypto datawhich is more than 7% since the opening of Wednesday’s meeting.
Given its pioneering cryptocurrency, it is not surprising that forward-looking priority treatment for Bitcoin is. Similarly, its commodity status (ethereum (ETH) for example) also position it as a possible privilege.
Trump positioned himself as A outspoken digital asset industry advocateHe prefers to Bitcoin Conference July 2024.
In recent Truth Social Posts, he highlighted the government’s commitment to elevating the cryptocurrency sector. In particular, Trump announced US crypto protected areas will include XRP, SOL and ADA Together with Bitcoin and Ethereum.
However, Lutnick’s comments suggest that Bitcoin may gain special status under the new framework. Although Trump’s announcement has driven bullish sentiment in the Bitcoin market, it has also sparked major debate.
Some crypto leaders expressed Suspicion about including alternative cryptocurrencies (AltCoins) in the US Reserve. Critics believe that favoring Bitcoin can cause market distortion while treating other tokens in different ways.
Longtime Bitcoin critic Peter Schiff called Trump’s crypto reserve planThe largest encrypted carpet pull ever. “At the same time, other experts have predicted before Other AltCoins can be incorporated into the protected areanow is the prediction of Lutnick’s latest statement challenge.
Another major topic is the role or lack of role of Ethereum in potential crypto reserve strategies. White House Crypto Summit Will Be Leader in Ethereum Ecosystem, But Blockchain Lacks express.
Still, the announcement of the strategic crypto reserve has led to speculation about the upcoming playoffs. Tim Haldorssonfounder Luna The strategy told Beincrypto that Trump’s plan could drive increased investment in altcoins.
However, Henrik Zeberg Jensen, head of macroeconomics and fund manager at Swissblock Technologies AG, has a different view.
“Trump is not like the testimony or evidence of success in tokens. Look at his meme coin (Trump)! There is no availability and is driven by speculation. In the long run, the success of any token will be based on the availability of the token in future solutions, which will increase productivity and reduce costs. Trump’s choice in this regard seems arbitrary,” Seiberg told Beincrypto.
AltCoins can still benefit if Bitcoin gets preferential treatment in crypto protection zones. Historically, Bitcoin-led rally has often paved the way for Altcoin waste.
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