Bitcoin Falls Below $83k Following Trump’s Strategic Reserve Announcement

Bitcoin and major altcoins like ADA and XRP surged following a statement from US President Trump regarding a crypto strategic reserve. Bitcoin rose past $90k, reaching nearly $95k, before experiencing a significant decline, dropping to around $82,681 within days.

Details of the Price Fluctuation

Bitcoin briefly recovered to $92k ahead of the White House Crypto Summit on March 7.
Trump's statement lacked details on funding for the proposed reserve, prompting mixed reactions.
The potential inclusion of SOL, XRP, and ADA in the reserve was debated among analysts.
Peter Schiff suggested limiting assets to seized ones only.

Support for Bitcoin's Future

Despite price struggles, some crypto experts, like Metaplanet CEO Simon Gerovich, emphasize the significance of Trump's executive order.
Gerovich highlighted that the order allows for Bitcoin acquisition without impacting taxpayer funds.

Acquisition Strategies Discussed

Two methods for the US government to acquire Bitcoin were outlined:
Using the Exchange Stabilization Fund, which holds $39 billion.
Gaining Congressional approval, in line with Senator Lummis' Bitcoin Bill proposing annual acquisitions of 200k Bitcoins for five years.

Lummis stated this order is just the beginning and urged Congress to pass the Bitcoin bill. MetaLawman supported this plan, referencing provisions for acquiring up to 1 million Bitcoins over five years.