Donald Trump's touch is poison. On Sunday morning, the president took a social campaign to juice the cryptocurrencies XRP, SOL and ADA. He said they will be the upcoming U.S. crypto reserve. Some time after the post, this number rose. But now it's back.
“After years of corruption attacks on the Biden administration, the U.S. crypto reserves will boost this critical industry, which is why my executive order on digital assets directs the Presidential Working Group to advance crypto strategic reserves including XRP, SOL and ADA,” Trump in the works including XRP, SOL and ADA. “I will make sure that the United States is the crypto capital of the world. We make America great again!
In the second post, he added everyone's preferred cryptocurrency. “And, obviously, BTC and ETH as other valuable cryptocurrencies will be at the heart of the reserve. I also like Bitcoin and Ethereum!” he said an hour later.
Trump's position soared the prices of all five cryptocurrencies. After Trump won the election after his inauguration, cryptocurrency prices soared and promised to build a strategic U.S. cryptocurrency after signing an execution order. But the price always drops. Trump is turbulent and does not always follow his promises. As of this writing, there are still no strategic reserves and crypto prices falling after the recent rally.
Bloomberg tagged its recent rise and labeled it “Trump Pump.” All five Trump mentioned are still above the location a month ago, but instead of going to the moon, they returned to Earth.
The problem is that no one knows how Trump will actually create strategic reserves. He used to suggest that he piece together the seizure assets he had obtained from the federal investigation. If regulations are loose, then they seem to relax and then less will come in to increase reserves. He can also revalue the price of U.S. gold reserves and buy cryptocurrencies with some money. But this has not been achieved yet.
February is a month-on-month decline for cryptocurrencies. Their overall gliding is higher than they have been since 2022. The Trump pump lasted only 24 hours, while the price of all five coins has dropped by 10% or more from the heights a few hours ago.
Hours after launching the Trump Pump, the president announced more far-reaching policies. He once again made the United States very important to Shell. “Exciting news! The Treasury Department announced that they will suspend all enforcement of the Cruel and Invasive Benefit Ownership Information (BOI) reporting requirements for U.S. citizens.”
BOI requires companies with less than 20 employees to register their business in the government. Large companies often use small companies to help them hide illegal assets and illegal activities, which often have less than 20 employees and can skip various company regulations that start when the company becomes larger. Trump makes it easier for big companies to use smaller companies to hide things.
Big businesses have been winning. Cryptocurrencies keep struggling, waiting for the next Trump pump.
