The Bitcoin Bubble Bursts: Trump’s Strategic Reserve Spells Doom for Crypto
Oh, the drama, the intrigue, the utter chaos that has befallen the world of cryptocurrency! It’s like a bad play by a mediocre playwright, full of twists and turns that leave one wondering what on earth is going on. And at the center of it all, the enigmatic figure of President Donald Trump, signing an executive order for a US strategic reserve of Bitcoin. How quaint.
The Price of Panic
It seems that the news of the strategic reserve has sent the Bitcoin price crashing down, all the way from a lofty $92,000 to a mere $83,000. Ah, the humanity! The poor little cryptocurrency, so fragile and prone to mood swings. And the altcoins, oh dear, they’re taking a beating as well, with Ethereum (ETH) down by 5.83%, Solana (SOL) down by 4.76%, Cardano (ADA) down by 10.83%, and XRP holding on for dear life with a mere 1.34% drop. One can almost feel the collective panic in the air.
But fear not, dear reader, for there is a glimmer of hope on the horizon. Economist Peter Schiff, that paragon of wisdom and wit, has weighed in on the matter, stating:
“While it’s up for debate whether the government can buy more Bitcoin for the strategic reserve, the one thing the executive order makes clear is that the crypto stockpile will consist only of seized tokens, so no ETH, XRP, ADA, or SOL will be bought. So at least there’s that!”
Oh, Peter, you always know how to bring a smile to one’s face. And speaking of smiles, Metaplanet CEO Simon Gerovich has also chimed in, stating that the order grants the Secretaries of Treasury and Commerce authority to devise a strategy for acquiring additional Bitcoin in a budget-neutral manner. Ah, the thrill of it all!
The Execution Path Ahead
Gerovich outlines two possible paths for the execution of a strategic Bitcoin reserve: the Exercise of Presidential Power, which involves utilizing the Exchange Stabilization Fund’s net assets to purchase Bitcoin immediately, and Congressional Approval, which would involve Senator Lummis’s proposed Bitcoin Bill, allowing the government to acquire 200,000 BTC annually for five years by leveraging the revaluation of gold. One can almost feel the excitement building.
And finally, Fox Business journalist Eleanor Terret has weighed in on the matter, explaining that the key difference between the reserve and the stockpile is that the government will not actively look for ways to purchase more assets, but will only explore using government funds to buy BTC. Ah, clarity, how refreshing!
Cynthia Lummis Pushes for Bitcoin Act Approval
And so, dear reader, it seems that the drama is far from over. Senator Cynthia Lummis has stated that this is just the beginning, and that President Trump deserves all the credit. Now, let’s pass the BITCOIN Act and make it law, she writes. Ah, the plot thickens!
Renowned crypto legal expert MetaLawman has drawn attention to Senator Cynthia Lummis’s BITCOIN Act, which includes a proposal for the U.S. Treasury to acquire 1,000,000 Bitcoin over five years. Ah, the intrigue!
And so, dear reader, we wait with bated breath to see what the future holds for the world of cryptocurrency. Will the Bitcoin price recover? Will the altcoins bounce back? Only time will tell. But one thing is certain: it’s going to be a wild ride.
Stay tuned, dear reader, for more updates on this developing story!
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2025-03-07 07:59