Bitcoin Surges Past $98K on Eric Trump's BTC Investment Nudge

Bitcoin Nears $98K as Eric Trump Encourages BTC Investment

Bitcoin (BTC) surged past the $98,000 mark during Asian trading hours on Thursday, following a tweet from Eric Trump, son of former U.S. President Donald Trump, encouraging investment in the cryptocurrency. Eric Trump posted on X at 1:41 UTC, "It feels like a great time to enter BTC," which coincided with a price increase from $96,900 to $97,830. Micro CME futures even topped the $98,000 mark, according to data source TradingView.

Earlier this week, David Sacks, Trump's AI and crypto czar, stated that the Trump administration is evaluating the feasibility of a strategic bitcoin reserve. However, this news disappointed crypto investors who were anticipating a more swift action on the issue.

Eric Trump's bullish sentiment on Bitcoin is not new. In a December interview with Benzinga, he revealed that he was holding Bitcoin, Ethereum, Solana, and Sui, expressing his optimism about the cryptocurrency market. During the Bitcoin MENA conference in Abu Dhabi later that month, Eric predicted that Bitcoin could reach $1 million, viewing it as a revolutionary financial paradigm that can reshape the global economy.

World Liberty Financial, a DeFi project associated with the Trump family, has not yet transacted in Bitcoin. However, the entity's portfolio includes various crypto assets like ETH, TRX, and LINK. The team purchased over $70 million worth of crypto assets ahead of Trump's inauguration, boosting their cumulative crypto holdings to $325 million. Recently, the project relocated most of its crypto holdings, including a large amount of ETH and WBTC, to Coinbase.

Eric Trump's latest Bitcoin bull post comes just a few days after he publicly expressed a bullish view on Ethereum, suggesting it's a good time to invest in ETH. His previous tweet on Ethereum coincided with a dramatic market turnaround, with Ethereum rebounding over 35% within 18 hours of hitting its lowest point. While correlation does not imply causation, traders are paying closer attention to his market calls.

Bitcoin's recent rally has left less room for a sudden turnaround compared to Ethereum's market structure