Bitcoin Drops as Trump’s Order Leaves Crypto Fans Uneasy
President Trump recently shared a new plan for handling digital money, like Bitcoin, in the United States. This plan, called an “executive order,” was supposed to make the crypto world happy by giving clear rules and supporting something called blockchain. However, Bitcoin’s price went down after the news came out, making some crypto fans sad.
What’s in the Plan?
New Rules and No CBDC
The plan gets rid of old rules and says that the government won’t make its own digital money, called a CBDC. This means the government won’t control financial transactions like they do with regular money.
Protection for Blockchain
The plan also says that important blockchain activities, like keeping your own crypto and mining it, are safe. This is good news for people who like crypto because blockchain helps make it secure.
Crypto Stockpile
The plan wants to create a big collection of crypto, using some that the government has already taken as punishment. However, it says that taxpayers won’t pay for more crypto to add to this collection.
Why Are Crypto Fans Sad?
Even though the plan has some good parts, crypto fans are sad because the government isn’t buying more crypto to support the market. Bitcoin’s price went down by about 4% after the news, and other cryptos like XRP, Solana, and Cardano also lost value.
Looking Ahead
Even though the crypto market is sad right now, the plan’s clear rules might help big financial companies feel safer about using crypto in the future. This could lead to more people using crypto as time goes on.
So, What Happens Now?
Mixed Feelings for Crypto Fans
In short, President Trump’s plan for digital money has made crypto fans feel both happy and sad. While it gives clear rules and protects important blockchain activities, the government isn’t buying more crypto to support the market. As the rules keep changing, businesses and investors need to stay informed and ready to adapt.
Sources: Carlton Fields, Newsday, Economic Times, Quorum Report, OMM
