Update 02/05 below. This message was first published on February 4
Bitcoin and Crypto recovered after the president of the United States, Donald Trump, said the tariff threats between the United States and their neighbors, Mexico and Canada, had stopped for a month, giving a “tide of fear” that He had squeezed the markets.
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The bitcoin price has again topped $100,000 per bitcoin, bouncing back from lows of around $91,000 on Monday morning, as traders bet on when exactly bitcoin could flip gold’s $18 trillion market capitalization.
Now, as Federal Reserve Chairman Jerome Powell confirms a Wall Street game-changer, Trump has signed an executive order directing the Treasury and Commerce departments to create a sovereign wealth fund within the next year, prompting a hypothesis that the fund can be used. As a vehicle for the U. S. government’s bitcoin purchases, it is not possible to buy bitcoin. U. S.
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“We’re going to create a lot of wealth for the fund,” Trump told reporters, according to Reuters, adding that it’s “far beyond the time that this country had a sovereign wealth fund. “
Trump has said in the past that a sovereign wealth fund in the United States can be financed through “rates and other wise things. “
The possibilities on the Polymarket prediction platform were fed through the cryptovoz asking: “Will Trump create a bitcoin reserve in the first hundred days?” They have increased, around 20% through minimum of 13% after falling strongly until January.
Senator Cynthia Lummis, a vocal supporter from Bitcoin who campaigned for a US Bitcoins reserve. UU. And wrote an invoice that would see the United States buy a million Bitcoin for five years, called the announcement a “deactivation transaction “In X, a bitcoin ₿₿₿₿ ₿₿₿₿ ₿ ₿₿₿₿ ₿₿₿₿ ₿ ₿ ₿₿₿₿ ₿ ₿ ₿ ₿ ₿ ₿₿₿₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ Bitcoin ad hoc ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿
02/05 update: The bitcoin price dropped back after a hotly-anticipated press conference by U.S. crypto czar David Sacks left traders who had hoped for a bitcoin reserve confirmation disappointed.
Sacks, a tech investor, held his first press convention to announce a bicameral task force tasked with emerging crypto regulation on barn and market design and praise of a “golden age” for crypto.
However, when asked by a reporter about plans for a bitcoin reserve, Sacks said it was something the group will be looking at.
“That is one of the first things we’re going to look at as part of the internal working group in the administration,” Sacks said. “We’re still waiting for some cabinet secretaries on the working group to be confirmed. But once that’s in place, one of our first steps will be assessing the feasibility of a bitcoin reserve.”
Meanwhile, bitcoin and crypto analysts are feeling increasingly bullish as the Trump administration’s plans for bitcoin and crypto trickle out.
“While the short term remains choppy for Bitcoin, the long term is clearer during the day,” Geoff Kendrick, head of crypto research at Standard Chartered Bank, said in emailed comments.
“For me, the only things that matter in the long term are accessors and volatility of Bitcoin. Access is improving under the Trump administration. And volatility will be gradually developed as it improves the quality of flows and other infrastructure (for example, market characteristics) develops.
According to Kendrick, “this combination (more access, lower volatility) is enough to drive bitcoin to $500,000 before Trump leaves office” in 2029, something that would give bitcoin a market capitalization of $10 trillion.
Meanwhile, the synthetic intelligence of President Trump and the Tsar of the cryptography of Cripti of the sacks of the bags will organize a press convention on Tuesday on how the United States will download its position as a global leader in cryptography.
When signing the order Trump, self-described as “the first crypto president,” was flanked by his Treasury secretary Scott Bessent, who has indicated an interest in bitcoin and crypto, and Commerce secretary nominee Howard Lutnick—who has “hundreds of millions of dollars of exposure” to bitcoin.
“It will be billions,” Lutnick, who managed the assets for the $140 billion USDT stablecoin issuer Tether through Cantor Fitzgerald, said before Trump’s election victory. “Bitcoin, which is rare and is special, will become ever more rare, ever more valuable, over time it’ll be financed just like gold [and] oil. Bitcoin will be way, way, way higher—sometimes lower—you just have to have faith.”
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The bitcoin price has surged since Donald Trump’s U.S. presidential election victory, climbing as … [+] traders bet he will follow through on plans to create a U.S. bitcoin reserve.
Meanwhile, Lutnick will not say if he will reject a new career organization in the White House cryptocurrency, Politico reported, despite the popularity that maintains the links with attachment.
“We are going to monetize the active aspect of the American balance for the American people,” Besse told journalists. “There will be a mixture of liquid assets, assets that we have in this country while you paint them to get them to the American people. “
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