Trump's Pro-Crypto Push Drives Bitcoin Market Anticipation

In recent weeks, the crypto market has experienced a period of consolidation, with minimal gains and losses following a dramatic rise and fall in early March. Bitcoin, one of the most volatile assets during this period, initially surged above $100,000 before plummeting below $80,000. Since then, the market has seen little significant movement as investors await Donald Trump’s next major announcement. This anticipation has led to a notable development in the crypto space, albeit a humorous one.

A fake video of Donald Trump unveiling the Bitcoin whitepaper in the Oval Office has been circulating on social media. The low-quality parody video mimics the original where the Declaration of Independence is revealed, but with the Bitcoin whitepaper instead. The video features Trump making remarks such as, “You think Joe Biden would do this? I don’t think so,” and “…Do you think he even knows what it is?” Social media platforms have tagged the video as manipulated, but its popularity highlights a significant shift in public perception. Before Trump, the idea of a U.S. president showcasing the Bitcoin whitepaper in the Oval Office would have been unthinkable.

Despite the fake video, Trump’s pro-crypto campaign has shown a genuine push for a digital economy. Initially, many viewed his efforts as a means to gain support, especially with the launch of memcoins and NFTs. However, since his inauguration, Trump has demonstrated an aggressive approach to rewriting anti-crypto laws and regulations. His goal is to position the U.S. as “the crypto capital of the world,” which was solidified with the signing of an executive order to establish a strategic Bitcoin reserve.

The crypto community’s reaction to this news was underwhelming, largely due to the lack of a detailed plan for purchasing more Bitcoin in the executive order. Bitcoin has since been trading around the $85,000 mark. However, the next market frenzy could be on the horizon, as a member of the White House has revealed a Bitcoin purchase plan. According to reports, the administration may use its gold reserve to bolster its strategic Bitcoin reserve.

Bo Hines, White House executive director of the president’s council of advisers on digital assets, supported this idea. He stated, “If we actually realise the gains on the U.S. gold reserve, that would be a budget-neutral way to acquire more bitcoin.” Hines made these remarks during an appearance on the Crypto in America podcast. He also clarified that President Trump will determine the best method to add BTC to the strategic reserve. Another proposal came from Sen Lummis, who suggested that the U.S. could purchase 1 million more BTC by selling Fed gold certificates.