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Donald Trump’s Not-So-Strategic Crypto Reserve
When US President Donald Trump picked out a handful of cryptocurrencies for potential inclusion in a national strategic reserve, he sparked a trading frenzy—and questions about who stands to benefit.
Donald Trump provoked a riot of cryptocurrency trading and accusations of favoritism on Sunday after identifying several coins that may feature in a future US strategic crypto reserve. Seizing upon this morsel of new information, crypto traders piled into the coins singled out by Trump, leading to a sharp but temporary bump in price ranging from 9 to 65 percent. In the runup to the election, crypto businesses funnelled more than $150 million into super political action committees set up to support pro-crypto congressional candidates, many of them Republican.
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