Digital assets like Bitcoin rallied on the president’s backing for a strategic holding, but even some conservatives and industry backers disapproved.

President Trump drew criticism even from allies over his plans for a national crypto reserve.Kevin Wurm/ReutersThe consequences of a crypto reserve

Cryptocurrencies are again riding high, after President Trump announced that he would create a national crypto reserve with five tokens, including three lesser-known and highly volatile ones.

It’s the latest boost that Trump has given the crypto industry, which spent some $130 million backing him and other Republicans. But the news drew criticism from many, including conservatives and even ardent crypto backers, over many concerns: giveaways to an already wealthy community, delegitimizing the digital currency industry and more.

“I will make sure the U.S. is the Crypto Capital of the World,” Trump declared on his Truth Social network on Sunday

Keep reading this article on Andrew Ross Sorkin – Author New York Times.

Leave a Reply