Things you should know about Trump's cryptocurrency plan. American president Donald Trump revealed his plan to build a 'U.S. national inventory of cryptocurrencies' similar to the national inventory of gold and precious metals, which is a clear indication of the importance of these currencies to Trump, his administration, and his supporters alike.
Although this plan has sparked outrage among investors and Republicans alike, Trump continues with it, which has caused the prices of a number of cryptocurrencies expected to be part of the national inventory to rise, leading to significant price fluctuations in 'Bitcoin' and these currencies. The price of 'Bitcoin' has risen to $105,000 before dropping back to an average of $83,000.
The inventory is expected to include several different cryptocurrencies, not just 'Bitcoin', as the executive order signed by Trump includes other currencies such as 'Ethereum' (Ethereum), 'XRP' (XRP), and 'Cardano' (Cardano), all of which are prominent and independent currencies that everyone seeks to acquire. It is also expected that the prices of these currencies will rise as the national inventory begins to be built.
What does the digital inventory of cryptocurrencies mean?
In the early hours of Trump's presidency, the American president issued an executive order to create a national inventory of cryptocurrencies, led by David Sachs, the digital currency czar in Trump's administration, a famous investor and a member of the 'PayPal' mafia.
Building a national inventory of cryptocurrencies represents a significant shift in the United States' stance on cryptocurrencies, after Trump himself was previously opposed to them. Now, these currencies are treated like gold and precious metals, as building a national inventory of cryptocurrencies acknowledges their importance and role in the future of the global economy.
