US President Donald Trump has made some notable remarks regarding the cryptocurrency market. In his speech, President Trump expressed a positive view of virtual currencies, saying, “I’m a big fan of virtual currencies.”
President Trump was asked if his account, known as the “Trump Account,” would contain Bitcoin. President Trump did not offer a clear promise, responding that “something could happen.” Trump also mentioned Dell in his speech, saying, “Go buy a Dell.”
Trump also commented on Dell’s donations to the Trump account. Regarding donations, he said, “I would like to return the money in some way.” President Trump also thanked Micron and said major financial institutions such as Blackstone, BlackRock and Goldman Sachs also attended the event.
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In his speech, President Trump also said that the market “does everything by itself.” President Trump targeted investors who took short positions in the market, saying, “There are a few people who took short positions in the market. I feel bad for them. They’re in big trouble and they’re being wiped out.”
President Trump’s pro-cryptocurrency statements coincided with the resumption of Bitcoin market activity. The US Spot Bitcoin ETF recorded net inflows of $223.5 million on July 2nd. This is the first net inflow since June 12th.
Bitcoin briefly approached $64,000 over the weekend, but has since fallen below $62,000. Analysts noted that while Strategy’s Bitcoin sales put downward pressure on prices, the market reaction was more limited than before.
*This is not investment advice.
