Trump Praises Cryptocurrency, Yet BTC Faces a Pullback; Why is the Market in Turmoil?
U.S. President Donald Trump recently expressed strong admiration for Bitcoin and cryptocurrencies in an interview with 'Meet the Press' host Kristen Welker, stating that they are 'very popular,' 'very hot,' and even 'much stronger' than the stock market.
During the interview, the host asked Trump questions related to cryptocurrencies, specifically including: Trump's personal cryptocurrency investment portfolio, the significant increase in the price of memecoins ($TRUMP) named after him, and the regulatory policies the U.S. government adopted towards cryptocurrencies during his presidency.
When it came to the $TRUMP token, Trump unexpectedly saw the price soar by 58% after being invited to dinner with top holders. The host mentioned this incident, and Trump initially pretended to be unaware, asking about the specific increase. Upon learning of the substantial rise, he jokingly asked, 'One billion dollars?' He then stated that the number had no real significance.
Reports suggest that the price increase of this meme coin could be the result of manipulation, with large amounts of funds being transferred to exchanges, leading many to suspect that the team behind it is engaging in 'pump and dump' operations. However, Trump directly denied this claim, clearly stating that he did not benefit from it.
Despite the controversy, Trump has firmly expressed his support for cryptocurrencies. He believes that cryptocurrencies are important and that if the U.S. does not take action, China will take the lead, a statement that carries geopolitical implications.
He also mentioned that during the recent economic downturn triggered by tariff conflicts between the U.S. and major trading partners, the performance of cryptocurrencies was far better than that of the mainstream market. He pointed out that when the market was down, cryptocurrencies performed stronger than other aspects of the market.
He stated that his change in attitude towards cryptocurrencies was because the industry has become very popular, with millions wanting to own them. Furthermore, his Trump Media Group is also exploring ways to integrate cryptocurrencies into its business model.
Currently, the trading price of Bitcoin is $94,419, with a strong trading volume of $22.54 billion in the last 24 hours, maintaining a market dominance of over 60%, and the overall upward momentum remains strong.
