Bitcoin Suddenly Surges As Price Braces For ‘Extraordinary’ White House Update
Bitcoin has jumped back to touching distance of its all-time of $112,000 per bitcoin set in May (with U.S. president Donald Trump teasing an imminent Federal Reserve bombshell).
The bitcoin price, up around 50% since plummeting to April lows, has climbed despite serious warnings of a $37 trillion “ticking time bomb.”
Now, as Tesla billionaire Elon Musk surprises the market by backing a shock bitcoin prediction, the bitcoin price is braced for an “extraordinary” White House update.
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U.S. president Donald Trump signed an executive order creating a bitcoin strategic reserve earlier ... More this year, sending the bitcoin price sharply higher.
Bo Hines, executive director of the president’s council of advisers on digital assets, has teased a coming update to the U.S. strategic bitcoin reserve ordered by president Donald Trump, telling podcaster Scott Melker the architecture of the reserve will be revealed in “short order.”
"When we’re ready to announce that, which I’m sure will be in short order, I think that this community will be extremely pleased,” Hines said.
During last year’s Bitcoin 2024 conference in Nashville, then presidential candidate Donald Trump announced that he’d create a bitcoin strategic reserve if he won the White House in November—a promise he followed through on in March via an executive order.
Earlier this year, Hines said the U.S. is exploring many ways to increase its bitcoin reserve—adding to the 200,000 bitcoin the U.S. currently holds—without using additional taxpayer dollars, including through tariff revenue and revaluing the government’s gold certificates.
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ForbesBitcoin ‘Going To Take Over’—Tesla CEO Elon Musk Backs Shock $40 Trillion U.S. Dollar Collapse Warning Amid Price BoomBy Billy BambroughThe bitcoin price has surged to an all-time high this year, pushed on by U.S. president Donald ... More Trump's plans for a bitcoin strategic reserve.
Last week, Hines met with Salvador’s president Nayib Bukele, who has bought 6,000 bitcoin for the country, to discuss collaboration on bitcoin and crypto.
“The aspiring bitcoin superpower came to meet with the OG bitcoin country to discuss areas of mutual interest and possible collaboration relating to bitcoin, stablecoins and digital assets,” Stacy Herbert, director of El Salvador’s bitcoin office, toldCoindesk.
"Over the coming months, I believe we will see some extraordinary things happen for both partners as a result of this meeting,” she added, without elaborating further.
During this year’s Bitcoin 2025 conference in Las Vegas, Wyoming senator Cynthia Lummis said Trump supports her so-called Bitcoin Act that would see the U.S. buy 1 million bitcoin over five years, financed using existing funds within the Federal Reserve System and the Treasury Department.
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