Eric Trump’s Deleted Tweet Raises Eyebrows
While Bitcoin prices are hovering just below their December 17 all-time high, U.S. Senators Cynthia Lummis and Eric Trump reportedly spoke in Congress yesterday Building held a meeting to discuss the concept of establishing a U.S. Strategic Bitcoin Reserve (SBR). Bloomberg’s Steven Dennis broke the news, while cryptocurrency-focused platform Swan highlighted Eric Trump’s now-deleted retweet about the meeting.
Almost as soon as Eric Trump retweeted Swann’s post on SBR meeting Senator Loomis, he took it down without explanation. “What’s brewing behind the scenes?” Swann asked in a subsequent tweet, suggesting that the quick deletion may indicate caution from the top, possibly to avoid preempting an official announcement.
Developing: Eric Trump RT’d @swanPost about his meeting with Senator Loomis on U.S. strategic issues #bitcoin Keep – then delete quickly.
What’s brewing behind the scenes? 🤔 pic.twitter.com/E7nqbieNIQ
— Swan (@Swan) January 22, 2025
This latest hot spot concerns senators Loomis unveiled Last year, the United States passed the Bitcoin Act of 2024, a legislative proposal to formally establish a U.S. strategic Bitcoin reserve. The bill, formally known as the Optimizing Investments to Advance Innovation, Technology, and Competitiveness Nationwide (BITCOIN) Act, outlines the U.S. Treasury Department’s plan to acquire 1 million Bitcoins over five years, with funds reallocated within the Federal Reserve system. of existing resources and the Ministry of Finance.
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While details on the legislation’s progress remain scarce, sources said Lummis’ office is working through the political and logistical complexities involved. Notably, Senator Lummis also met with former President Donald Trump over the weekend. Sen. John Barrasso revealed via Donald Trump this morning. Wyoming is ready for tomorrow’s inauguration! “
Ulbricht’s pardon fuels Bitcoin reserve rumors
Following yesterday’s pardon, the SBR concept is gaining momentum again. Ross Ulbricht By President Trump. Analysts pointed out that during the 2024 meeting, Trump proposed the idea of transferring BTC seized by law enforcement into the national reserve. Now, with the promise of amnesty fulfilled, many in the community are wondering whether the SBR program will be next on the government’s agenda.
On the prediction platform Polymarket, Odds After news of the pardon broke, support for the upcoming SBR surged from 28% to 44%. On Inauguration Day, the probability was as high as 59%. As of recently, that rate had dropped back to around 28%, but has bounced back again after Ulbricht was released.
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The crypto analyst known as Byzantine General expressed optimism, posting on Support for Cryptocurrencies.”
BTC CEO David Bailey played an important role in prompting Trump to support BTC. additional Regarding the speculation, he commented: “Tonight is about Ross, but I’ll share this because I get a lot of questions: I’m still expecting a dedicated Bitcoin + crypto EO in the next few days. I don’t know I don’t know what they said and when they fell. I fully expect the president to fulfill his promise of SBR in his first 100 days in office.”
Anthony Pompliano, founder and CEO of Professional Capital Management, also made similar confident remarks: “If Ross Ulbricht is pardoned, we will definitely have access to strategic Bitcoin reserves. Trump will use his pen to make history.”
In another discussion at the World Economic Forum, Coinbase CEO Brian Armstrong was asked about President Trump’s stance on establishing a U.S. Bitcoin reserve. Armstrong explain:
“Well, I haven’t talked to him about this specifically, but I think he’s excited about it. I mean, he really wants to be the first Bitcoin president. I think Cynthia Loomis in the Senate actually The people who are pushing this legislation around the strategic reserve of Bitcoin, I think it’s a great idea. The United States actually has reserves of a lot of things, like gold, oil, I think 27. Different rare minerals, like palladium and so on. So I think the world is moving towards the Bitcoin currency standard. Any government that holds gold should also hold Bitcoin as a reserve.”
At press time, BTC was trading at $105,382.
Featured image from YouTube, chart from TradingView.com
