Bitcoin veteran Max Kaiser has accused US President Donald Trump of “front-running Americans” after one of his company won $2 billion worth of BTC on Monday.
For a long time, Kaiser, known for his overpowered take and early Bitcoin evangelism, was labelled Trump’s move “a big branch,” meaning the president would fill his pockets before the US reserves acquired the BTC.
$20 billion bet and “frontline” claim
July 21st, Trump Media, The operator of Truth Social App confirmed that it spent $2 billion to buy BTC and Bitcoin-related securities as part of previously announced Bitcoin Financial strategy.
It was not noticed that the acquisition came shortly after the president signed the landmark cryptography, Genius Law.
Earlier this year, Trump issued an executive order laying the foundation for a strategic Bitcoin sanctuary that stocks BTC that has been confiscated by the government as part of a criminal or civil lawsuit. He also asked the secretaries of the Ministry of Finance and Commerce to find a “budget-neutral” way to acquire additional Bitcoin, including the purchase of open markets.
There have been no public reports on the issue since then, but most of the momentum seen at the state level has introduced legislation that some of them have introduced their own crypto preparation.
Businesses are also shopping. Michael Saylor’s strategy is leading the pack, with the latest 6,220 BTC Buy increasing the stash to 607,770.
But Trump Media’s entry into the market caused a fire from Kaiser. Kaiser also advises President Naive Bukere, President of El Salvador, about the Central American country’s BTC program. Previous media personalities responded to news of the $2 billion purchase and said:
“Before buying for the reserve fund, DT runs Americans and buys Bitcoin for himself.”
Keizer’s accusations suggest that Trump is using his position to personally benefit from a potential future surge in BTC prices when the official national strategic Bitcoin reserve in the US began acquiring assets.
Community Response
Reactions from other parts of the community were biased. Bitcoin Munger, a user like a pseudonymous analyst, hinted at the president’s side, saying, “Families will pile up first, then the nation will pile up.”
Others defend billionaire politicians, with some suggesting that he is just “leading by example,” showing confidence in crypto assets before sinking billions of taxpayer dollars.
Despite his anger, BTC continues to get better. At the time of this writing, it was trading at around $119,313, just over 3% of its recent all-time high of $123,091.
Over the past month, the past two weeks saw a surge in 16.2%, up 9.5%. However, a modest increase of 1.7% over the past seven days means that it is not performing the global crypto market, which has risen 5.90% over that period.
