tl;dr
US President Donald Trump announced the creation of a US crypto reserve, claiming it would include Bitcoin, Ethereum, XRP, SOL, and ADA. This caused a surge in the mentioned tokens. Coinbase CEO Brian Armstrong expressed interest but suggested only including Bitcoin. Others, like Real Vision founder...
US President Donald Trump announced the creation of a US crypto reserve, claiming it would include Bitcoin, Ethereum, XRP, SOL, and ADA. This caused a surge in the mentioned tokens. Coinbase CEO Brian Armstrong expressed interest but suggested only including Bitcoin. Others, like Real Vision founder Raoul Pal, and Bitcoin maximalist Samson Mow, had differing opinions. Altcoins' surge led to a decline in Bitcoin dominance. Trump's plan is contingent on Congressional approval.
Real Vision founder and CEO Raoul Pal agreed, stating that “It is possible that they just use an index of US-based crypto by market cap plus BTC and ETH to be neutral and let the market decide.” Bitcoin maximalist Samson Mow said it was a sad day for America because Trump mentioned altcoins. Meanwhile, BitMEX founder Arthur Hayes was unimpressed, claiming there was nothing new here and it was “just words.” Trader and analyst “DonAlt” opined that “the risk that Trump f**ks this up and it gets shot down is quite present.”
Those altcoins mentioned have already skyrocketed by double digits over the past few hours, and this has resulted in a decline in Bitcoin dominance. BTC dominance fell to just over 60% on Sunday following the massive market pump that primarily benefitted XRP, SOL, and ADA.