Bitcoin (BTC-USD) continued its upward trajectory during Thursday’s Asian trading hours, climbing from a local low of around $96,000 (£77,000) to just over $98,000. The surge followed a social media post from Eric Trump, hinting at a potential forthcoming allocation into bitcoin.
Eric Trump, son of US president Donald Trump, voiced his support for bitcoin in a post on X at 1:41 UTC, saying, “Feels like a great time to enter bitcoin.”
He also linked the Trump-associated decentralised finance platform, World Liberty Financial, to his post.
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Trump’s wording was somewhat ambiguous, making it unclear whether his call to “enter” bitcoin was merely investment advice or a suggestion that the cryptocurrency could play a role in World Liberty Financial — or even in the administration’s broader national strategy.
Eric Trump recently endorsed ethereum (ETH-USD), saying on X on Monday, “In my opinion, it’s a great time to add $ETH.” His cryptocurrency endorsements have since sparked speculation on social media, particularly on X.com.
Some users claim he sold ether following his statement, while others suggest that wallets linked to World Liberty Financial were simply conducting routine reallocations of funds within the platform’s digital asset holdings.
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Ethereum rose 3% to $2,842 on `thursday, according to CoinGecko data.
At a joint press conference in Washington on Tuesday, David Sacks, the White House’s newly appointed advisor on AI and cryptocurrency, outlined the US government’s approach to digital assets.
Sacks was joined by leaders of the House and Senate banking and finance committees, along with SEC representatives, to discuss their initial objectives for crypto policy.
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“I look forward to working with each of you in creating a golden age in digital assets,” Sacks said.
When asked about crypto’s potential role in the US government’s financial strategy, Sacks said that an internal working group was evaluating the feasibility of incorporating bitcoin into national reserves.
However, he clarified that this remains an exploratory effort, not an immediate policy directive.
“We’re still waiting for some cabinet secretaries on the working group to be confirmed,” Sacks said. “But once that’s in place, one of our first steps will be assessing the feasibility of a bitcoin reserve.”
