- Trump’s Government Plan to buy bitcoin with the amount they are collecting from the tariffs they released to other countries
- This brings a new hope to the investors and bitcoin buyers in the current market.
- As per the current market the Bitcoin trades above $80k and it will soon hit $90k.
Trump’s Master Plan
U.S. President Donald Trump issued an executive order to establish a strategic reserve of digital currencies through the use of digital tokens already owned by the government. Trump also requested U.S. commerce and treasury secretaries to submit budge plans to increase purchases of Bitcoin without burdening taxpayers with additional funds.
One of the plans that has been said to be under consideration in the Trump administration is the United States government buying Bitcoin. Under the plan, money for buying the Bitcoin would be drawn from the tariffs on imported items. Through this approach, the government might be able to boost its funding assets by including Bitcoin as a reserve in its national portfolio without having to impose new taxes on citizens.
While this idea is still in the proposal stage, it reflects an interesting development in government financial policy. It indicates that the administration is willing to consider alternative means of controlling the country’s monetary funds. This consideration of cryptocurrency as part of federal reserves implies a greater desire to reconsider established economic policies based on changing worldwide financial trends.
Does Bitcoin Reach Its Bull?
Bitcoin is again showing impressive strength in the market after recovering from its recent price correction. The cryptocurrency has risen by around 15%, with its trading price currently at around $85,350. This increase has also led to a substantial increase in Bitcoin’s overall market capitalization, which is now at a whopping $169 trillion.
Currently, Bitcoin is holding its ground above the all important $84,000 support level and remains safely above the 100 hour simple moving average. This technical configuration indicates that sentiment is still bullish and buyers remain in charge of prices.
Bitcoin is making its way toward important levels of resistance that will decide its next significant move. The first hurdle is at about $85,800, followed by an upper level of resistance at about $87,200. If Bitcoin’s price is able to break strongly through these levels, it would set the stage for a hit of $90,000.
Also Read : Trump Pauses Tariffs for 75 Nations; Stocks and Bitcoin Surge to 82K
