Bitcoin price increases following hint from Trump’s son about potential investment

Bitcoin’s price surged during Asian trading hours on Thursday, increasing from approximately $96,000 to over $98,000 following a cryptic social media post from Eric Trump. In the post, Donald Trump’s son expressed his positive sentiments towards bitcoin, stating, “Feels like a great time to enter bitcoin,” at 1:41 UTC.

The vague language used by Eric Trump sparked speculation about the nature of his message. It was unclear whether his suggestion to “enter” bitcoin was merely a piece of investment advice or a hint at potential involvement of the cryptocurrency in World Liberty Financial, a decentralized finance platform connected to the Trump family. This led to questions about whether bitcoin could have a place in broader national strategies pursued by the Trump administration.

This wasn’t the first time Eric Trump had expressed support for cryptocurrencies. Just days prior, he had endorsed ethereum by stating, “In my opinion, it’s a great time to add $ETH,” on another social media platform. However, this public statement sparked various interpretations and theories among users, with some speculating that Trump had sold ether after his endorsement, while others suggested that any movement of funds within World Liberty Financial linked wallets was routine and not related to his statements.

The positive sentiment surrounding cryptocurrencies was further highlighted by David Sacks, the White House’s newly appointed advisor on Artificial Intelligence and cryptocurrency. During a press conference in Washington, Sacks and other financial leaders discussed the US government’s stance on digital assets. Sacks expressed optimism about the future potential of digital assets and stated his commitment to working towards creating a prosperous era for cryptocurrencies.

When asked about integrating bitcoin into the national reserves, Sacks mentioned that an internal working group was assessing the feasibility of such a move. However, he clarified that this was an ongoing evaluation process and not an immediate policy decision. Sacks emphasized the need for confirmation of certain cabinet secretaries within the working group before further steps could be taken towards potentially incorporating bitcoin reserves.

Overall, the surge in bitcoin’s price following Eric Trump’s post, combined with the positive endorsements from influential figures like David Sacks, highlights the growing interest and potential of cryptocurrencies in the mainstream financial landscape. As governments and institutions continue to explore the possibilities of digital assets, the future of cryptocurrencies remains a topic of significant interest and speculation.