Donald Trump has provoked A riot of cryptocurrency trade and accusations of favoritism on Sunday after identifying various coins that can occur in a future American strategic crypto reserve. In addition to Bitcoin, Trump said that XRP, Solana, Cardano and Ether will be eligible for admission.
“An American crypto reserve will increase this critical industry after years of corrupt attacks by the BIDEN administration, therefore my executive order on digital assets dedicated the presidential working group to continue on a crypto -strategic reserve with XRP, Sol and Ada,” Trump wrote in a truth social position.
“And, of course, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the reserve. I also like Bitcoin and Ethereum! “He added two hours later, perhaps to sash the trunks he had forgotten to roast.
An executive order signed by Trump in January had already specified that other cryptocurrencies than Bitcoin would be included in the reserve, but the president had not previously identified which coins were taken into consideration. (The administration has not yet confirmed how large the reserve will be or where coins come from.)
Intheless taken to this bite of new information, crypto traders stacked in the coins selected by Trump, which led to a competitive but temporary price in price ranging from 9 to 65 percent. The coins have usually returned to about the same price as before the announcement.
In the meantime, the question was in Crypto circles: why had Trump chose these specific coins? The case for a Bitcoin reserve is based on the already shaky assumption that the ever-increasing price of Bitcoin loses losses in the specifications caused by inflation. But what makes these other coins – which have many very volatile prices – “strategic”?
The White House press office did not immediately respond to a request for comments.
Some members of the crypto industry, in particular Bitcoiners, suspect that Trump's decision-making was colored by the amounts thrown by certain crypto companies in the American elections.
In the run-up to the elections, crypto companies have led more than $ 150 million to super political action committees set up to support pro-Crypto confers candidates, many of them Republican. One of the generous donors was cross-border payment company Ripple, whose services were dependent on XRP, venture capital company A16Z, which previously invested in Solana, and software company Consensys, rated by one of the Ethereum-MEDE founders.
“In the end I believe that the government will understand that it makes no sense to include the token of one company above another in a strategic reserve. Only Bitcoin has no company to supervise it and is above the bar to be evaluated as a strategic active, ”says Cory Klippsten, founder of Bitcoin-Alleen-trade platform Swan Bitcoin. “If politicians definitely have to repay the favors of the last election cycle to their crypto industry donors, they may be able to add Altcoins to a sovereign power fund.”
