Bitcoin bounces back after Trump calls himself a big crypto guy | Latest Tech News
Bitcoin bounced back Monday after President Trump called himself “a big crypto guy” and gave a optimistic, if noncommittal, reply when requested about the prospect of digital property turning into half of his newly-launched Trump Accounts.
Prior to those remarks, the cryptocurrency fell as a lot as 2% toward $60,000 after filings revealed Strategy, the most important company holder of Bitcoin, bought $216 million price last week – abandoning co-founder Michael Saylor’s pledge to “never sell your Bitcoin.”
Bitcoin later rose 0.4% to $63,822, reversing those losses after Trump boasted about his crypto-friendly administration – though it’s still far below its file high of more than $126,000 last 12 months.
Bitcoin bounced back Monday after President Trump called himself “a big crypto guy.” SHAWN THEW/POOL/EPA/Shutterstock
Asked at an Oval Office press convention whether or not Bitcoin may turn out to be half of Trump Accounts, the president answered, “I’ve become a big crypto guy.”
He went on to clarify there’s “only one reason” for that stance, saying, “If we don’t have it, China’s going to have it, and they would like to have it. But now they’re not even trying that hard, because we’ve taken over.”
The tax-advantaged 503A accounts recognized as Trump Accounts launched over the vacation weekend, seeded with $1,000 for US kids born between Jan. 1, 2025, and Dec. 31, 2028. They are an attempt to help American youngsters construct financial savings over a lifetime by investing in broad-market exchange traded funds.
During his remarks on crypto, Trump jabbed at the Biden administration’s strict regulatory enforcement on the industry.
“Every time I see a crypto guy where they dropped an investigation I said, ‘You are lucky I’m president!’” Trump said.
The Securities and Exchange Commission abruptly dropped its investigations into Robinhood and Coinbase’s trading practices in February 2025, soon after Trump returned to the Oval Office.
“Crypto has a tremendous audience. So, yeah, I’m very much for crypto,” he said, stopping short of committing to make the asset half of Trump Accounts.
The president just lately confronted criticism over his annual financial disclosures for 2025, which revealed he made $1 billion in cryptocurrency income.
Strategy co-founder Michael Saylor had long inspired buyers to never promote their Bitcoin holdings. Bloomberg via Getty Images
He earned more than $600 million from his customized meme cash while buyers in his $Trump coin misplaced $3.81 billion, according to the New York Times.
“We’re all profiting,” Trump said last week of his income. “I’m profiting because I have a lot of money and a lot of cash.”
His remarks on Monday helped increase sentiment among crypto buyers after weeks of brutal trading.
Bitcoin has been on the downturn since Strategy – a main so-called “crypto treasury” company – bought about $2.5 million price of Bitcoin in May, a sharp reversal from its yearslong trading philosophy.
Analysts have warned that more draw back could possibly be in store for crypto as buyers look to free up further liquidity. REUTERS
Financial disclosures on Monday confirmed Strategy last week bought another $216 million of Bitcoin – a signal that it’s really abandoning its “never sell” pledge amid a slumping digital asset market.
It marked the company’s largest Bitcoin sale since it began building up its huge holdings in 2020, and only its third sale total as it makes a exhausting pivot to a more versatile investment strategy – regarding buyers who went all-in on crypto.
Lacie Zhang, research analyst at Bitget Wallet, said the sale didn’t come as a full shock since Strategy beforehand signaled that Bitcoin gross sales have been a chance if needed.
“What matters more is that each actual sale weakens the ‘never sell’ perception around the Bitcoin treasury model and brings capital structure pressure back into focus,” she told The Post.
Under Saylor, who stepped down as CEO in 2022, Strategy’s standing as the most important company holder of Bitcoin inspired crypto bulls to buy shares of the firm in hopes that Bitcoin would continue to rise and their winnings can be multiplied.
But instead, the unstable market has taken a flip for the more serious – sending Strategy’s stock down 75% over the past 12 months.
Bitcoin is down 40% over the past 12 months, and analysts have warned that more draw back could possibly be in store as buyers look to free up further liquidity forward of IPOs from artificial intelligence giants OpenAI and Anthropic.
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