Economy Trump sets up working group on digital currencies
US President Donald Trump is having a working group examine the establishment of an American digital currency reserve. The announcement in a presidential decree also fell short of the expectations of some Trump supporters from the cryptocurrency industry.
24.01.2025, 06:55
SDA
They had hoped that he would create the reserve straight away. After all, he had promised this during the election campaign. This secured Trump the support of crypto entrepreneurs.
The price of Bitcoin, the best-known digital currency, rose sharply after Trump's election victory in November and recently reached a record high of over 109,000 dollars. Trump's decree also stated that he wanted to make the USA the center of digital financial innovation. Following his decree, Bitcoin traded at around 105,000 dollars.
The administration of Trump's predecessor Joe Biden took a rather cautious and restrictive approach to digital currencies. The new president, on the other hand, had a so-called "meme coin" with his likeness issued shortly before taking office - a kind of digital commemorative coin that can be traded. The market value of the "$TRUMP" coin initially soared to almost 15 billion dollars - but has since fallen to the 6.6 billion dollar mark.
