- Bitcoin’s price surged 10% after the announcement of Trump’s Strategic Crypto Reserve.
- Eric Trump’s post about buying the dip suggests a market manipulation by the Trump family.
- Peter Schiff criticized this, saying if Trump is manipulating stocks he could be impeached.
Bitcoin rose 10% to over $94,000 after experiencing a month of consolidation. The main reason behind this is Trump’s recent announcement on March 2, 2025, about creating “Crypto Strategic Reserve” in a post on Truth Social. As per his announcement, the reserve would include Bitcoin, Ethereum, XRP, Solana, and ADA.
Trump first introduced the idea of a bitcoin “stockpile” back in mid-2024 as a part of his election campaign and now he reiterated the same. His executive order called for the President’s Working Group on crypto to evaluate creating a national digital asset reserve, by lawfully buying crypto assets.
Related: Bitcoin Alone Is Ideal for US Reserves: Brian Armstrong
However, Peter Schiff, Chairman of Schiff Gold, pointed it out in his X post that Donald Trump used Truth Social to manipulate stocks to help his family and friends make millions and that he could be impeached. Just so happened that, Eric Peter’s X post about “buying the dips” became evident to this criticism. Schiff’s post sparked a large number of negative comments from crypto and Trump supporters, many of which were harsh.
Trump and his family have launched tokens like $TRUMP and MELANIA, and gained enormous crypto growth, raising questions about conflicts of interest. While Peter said that manipulating the crypto market is “perfectly legal,” this isn’t entirely true, as the SEC has actively pursued cases. Despite this, the enforcement actions may sometimes lag, which might give the impression of leniency.
Regardless, Trump will be hosting the first White House Crypto Summit on March 7, including prominent founders, CEOs, and investors from the crypto industry and members of the President’s Working Group on digital assets. Such recent developments have marked the beginning of a turning point in the crypto industry as a significant number of supporters see this as a step toward mainstream adoption.
