Even aside from the possible front-running of the announcement, I’ve seldom seen such a universally skeptical response to an announcement from Trump as Sunday’s crypto reserve.
Trump later added bitcoin, ethereum and ‘other valuable cryptocurrencies’.
Naturally, the named coins ripped higher immediately.
But if you read between the lines, it’s not clear exactly what has changed. Trump’s executive order was already issued and it’s not clear if he would have the authority to create any kind of reserve without Congress funding it.
But key for now — I think — is the snap reaction against this announcement, even from strong crypto supporters. Those outside of crypto hate the idea altogether and those in it largely think it should only be bitcoin.
My guess is that this ends up like a lot of announcements, it either never happens because of Congress or gets watered down to just bitcoin.
With that, I’d expect to see more of a retracement in SOL, XRP and ADA in the days ahead.
Solana since the announcement
