The Statement
President Donald Trump's recent assertion that "The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!" has ignited a heated debate in the cryptocurrency community.
This statement was made ahead of a high-profile crypto dinner in Loudoun County, Virginia, which drew influential investors and politicians.
The Crypto Dinner
The dinner, attended by 220 prominent guests, aimed to reinforce U.S. leadership in Bitcoin and digital assets.
Trump's claim about U.S. dominance is supported by recent data from Bitcoin Treasuries, showing the country holds approximately 198,012 BTC, surpassing China's 190,000 BTC.
These assets were primarily acquired through government seizures.
Strategic Bitcoin Reserve Proposal
Trump has proposed establishing a U.S. Strategic Bitcoin Reserve, which would halt future government sales of seized BTC.
This move contrasts with previous administrations' liquidation approaches and aims to leverage Bitcoin's strategic value.
Backlash and Criticism
However, Trump's crypto ventures have faced criticism, particularly from U.S. Representative Maxine Waters.
She introduced the "Stop TRUMP in Crypto Act," targeting Trump's crypto activities and accusing him of using his influence for personal gain.
Waters stated, "Trump's crypto con is not just a scam to target investors. It's also a dangerous backdoor for selling influence over American policies to the highest foreign bidder."
Market Reaction
The Official Trump memecoin experienced significant price fluctuations around the dinner event.
Despite this, Bitcoin maintained its upward momentum, trading at $110,796.74 after gaining 6.45% over the past week.
This divergence in market sentiment highlights the complex relationship between Trump's crypto claims and market performance.
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