Bitcoin and crypto prices have fluctuated wildly over the past week as US President Donald Trump begins his second term, teasing huge crypto projects.
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The price of bitcoin has reclaimed $100,000 per bitcoin, climbing as traders predict a so-called “God candle” could be about to hit the market.
Now, after Trump’s crypto czar declared a new era “has just begun,” a presidential pardon for Silk Road founder Ross Ulbricht has skyrocketed expectations that Trump would keep his election promise to create a bitcoin reserve in the United States.
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US President Donald Trump has said he wants to create a bitcoin stock that could potentially explode. … (+)
“If Ross Ulbricht gets the pardon, we will definitely get the Bitcoin Strategic Reserve,” crypto YouTuber and influencer Anthony Pompliano posted on X. “Trump will create history with the stroke of a pen.”
In December, Trump confirmed his intention to create a US strategic Bitcoin reserve. “We’re going to do something great with crypto because we don’t want China, or anyone else…but others are adopting it and we want to be ahead of it,” said Trump. CNBC.
“Yes, I think so,” Trump said in response to a question about whether the United States would create a strategic Bitcoin reserve similar to its oil reserve.
In July, then-Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted that bitcoin could eclipse the $16 trillion market capitalization of gold of dollars, during an appearance at the Bitcoin 2024 conference.
Ulbricht, the founder of the dark web marketplace Silk Road, nicknamed Dread Pirate Roberts, inspired by the film The Princess Bride, and who helped popularize the use of bitcoin for online transactions, was granted a full pardon by Trump, respecting a campaign promise.
Following the announcement, Tesla billionaire and Trump adviser Elon Musk said he asked whether Roger Ver, an influential Bitcoin and crypto developer, could receive a similar pardon for evasion charges tax.
The chances of Trump creating a US bitcoin stock on prediction platform Polymarket increased after the pardon of Ulbricht, who was serving multiple life sentences without the possibility of parole following his 2015 conviction.
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The price of bitcoin has surged over the past year, hitting a new all-time high this week after … (+)
“The odds for (Bitcoin’s strategic reserve) just skyrocketed, it’s going to happen,” said David Bailey, chief executive of Bitcoin Magazine publisher Bitcoin Inc, which organized the Bitcoin conference Trump spoke at last year, on X.
Trump’s launch of a controversial and widely mocked memecoin over the weekend somewhat dampened the morale of the Bitcoin and crypto community ahead of his inauguration on Monday. However, Ulbricht’s pardon has re-energized optimistic Bitcoin speculators who believe Trump will create a “golden age” of crypto. “.
“Welcome home, Ross. Bitcoiners are on your side,” Jack Mallers, chief executive of Bitcoin wallet company Strike, said on X.
