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Many in the US woke up Wednesday to bitcoin back above $90,000.
After Donald Trump mentioned five tokens in his Sunday post about a crypto reserve, prices soared. BTC included (despite confusion from some about why this wouldn’t be a BTC-only reserve).
Bitcoin ascended to about $95,000 Sunday, but essentially lost all those gains Monday. It traded in the mid-80s for much of Tuesday.
The early Wednesday surge wasn’t because Trump mentioned BTC in his address to Congress Tuesday night. He didn’t.
Rather it came after Commerce Secretary Howard Lutnick reportedly said a bitcoin strategic reserve is “something the president’s interested in.” He added: “I think you’re going to see it executed on Friday.”
Lutnick, the ex-CEO of Cantor Fitzgerald, previously noted that TradFi firms would go “headfirst” into bitcoin when the regulatory environment improves.
Tokens outside of BTC could be treated “positively, but differently” than the largest crypto asset, he told The Pavlovic Today. I applaud the journalist who was able to chat with Lutnick about this. But I still take the comments with a grain of salt.
It seems kind of noncommittal. Trump’s interested in it and Lutnick thinks it will happen.
The best us onlookers can do is first see what the administration says at Friday’s crypto summit. Then go from there.
Chief bitcoin bull Michael Saylor said he was invited to the event. CNBC asked him if he thought any assets not named bitcoin should be in a US crypto reserve?