Bitcoin Monday, the volatility of the world’s largest cryptocurrency price continues following an executive decree signed by President Donald Trump to create a strategic bitcoin reserve for the United States.
Bitcoin was negotiated at $ 81,712, down more than 5%, but in terms of bottom earlier, at 9:42 a.m. in Singapore, according to the metrics.
The reserve will be funded by documents that have been seized in cases of criminal and civil confiscation and it is not planned for the United States government to buy more bitcoin. After the announcement of the strategic reserve last Thursday, cryptography prices decreased because investors were disappointed that it was not a more aggressive program.
Other cryptocurrency prices also dropped on Monday. Both ether And Xrp fell approximately 7.5% around 9:43 a.m., the Singapore time.
Some investors, however, said that the decision to establish a reserve was long -term optimistic.
“I absolutely think that the market is wrong,” Matt Hougan, Bitwise Asset Management, “Squawk Box Asia” in CNBC said on Monday. “The market is disappointed in the short term” that the government has not said that it would immediately start acquiring 100,000 or 200,000 bitcoin, he added.
Hougan underlined the comments on X of the White House crypto and the IA TSAR David Sacks, which said that the United States would seek “neutral budgetary strategies to acquire additional bitcoin, provided that these strategies did not have additional costs on American taxpayers”.
“I think the right question to ask is: this decree has made it more likely than in the future, Bitcoin will be a geopolitically important currency or asset?
“The reason why the questions are important, this is the question that determines whether the bitcoin is $ 80,000 per part or $ 1 million per piece.”
Hougan described a “short -term reverse” prices for the crypto prices.
“I think the market will soon find its base and realize that this is in fact incredibly optimistic in the long term for this asset and for the crypto as a whole,” he said.
