Bitcoin has broken back above $90,000 per bitcoin, bouncing back after a roller coaster week that’s seen U.S. president Donald Trump trigger bitcoin and crypto price chaos.
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The bitcoin price has climbed around 10% over the last 24 hours, pushing the combined crypto market back over $3 trillion, helped by BlackRock revealing a market game-changer.
Now, as Elon Musk issues a “foolish” crypto warning, Trump’s Commerce secretary Howard Lutnick has reportedly confirmed Trump will unveil a U.S. strategic bitcoin reserve during Friday’s White House crypto summit.
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U.S. President Donald Trump will announce a bitcoin strategic reserve on Friday, according to … [+]
“The President definitely thinks that there’s a bitcoin strategic reserve,” Lutnick, who has claimed to have millions of dollars worth of exposure to bitcoin, told independent news site The Pavlovic Today. “Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday when we do that.”
Lutnick added that bitcoin would receive a “unique status” under Trump’s plans.
“This is massive,” Pete Rizzo, the former Coindesk editor-in-chief who styles himself as a “bitcoin historian,” posted to X.
On Friday, the first White House crypto summit will see influential crypto executives, founders and investors meet with representatives of the president’s working group on digital assets to hash out a regulatory road map for crypto as well as confirm details of Trump’s proposed crypto strategic reserve.
“After a turbulent week of trading bitcoin has sharply rebounded to the $90,000 mark ahead of this Friday’s inaugural crypto summit,” Petr Kozyakov, the chief executive of payment infrastructure platform Mercuryo, said in emailed comments.
“Renewed optimism that U.S. president Donald Trump will make the announcement of a bitcoin reserve strategy is triggering a wave of buy orders for the king of crypto. A road map forward towards a crypto strategic reserve and a model for how it would be structured will be foremost in the minds of industry leaders attending the summit. The prospect of such a monumental move is bullish and may turn sentiment around in a digital token space still reeling from the recent hack of the Bybit exchange, the biggest of all time, and an implosion of the meme coin sector.”
Bitcoin and major cryptocurrencies Ripple’s XRP, solana and cardano all rocketed higher last weekend after Trump posted to his Truth Social account that he plans to create a U.S.-focused crypto reserve.
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA,” Trump posted to his Truth Social account, adding in a follow up post that bitcoin and ethereum would also be included.
Smaller cryptocurrencies being named ahead of bitcoin in a potential reserve sparked a backlash from some bitcoin supporters and led to criticism of Trump’s advisors who are believed to be acting in their own interest.
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The bitcoin price has swung wildly after rocketing higher in the aftermath of Donald Trump’s … [+]
In December, Trump confirmed he plans to establish a U.S. bitcoin strategic reserve.
“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
“Yes, I think so,” Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.
In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s near-$20 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
