Key Takeaways
- Bitcoin surged 10% to over $90,000 after reports of Trump's reserve plan.
- Howard Lutnick confirmed Trump's plan for a U.S. strategic bitcoin reserve.
- The White House crypto summit on Friday will reveal further details.
Bitcoin has surged back above $90,000, marking a 10% increase in the past 24 hours following reports that President Donald Trump is preparing to announce a U.S. strategic bitcoin reserve.
This rally comes after a volatile week in which Trump’s comments on bitcoin shook the market.
Confirmation of the plan
Howard Lutnick, Trump’s Commerce Secretary, reportedly confirmed the plan in an interview with The Pavlovic Today, stating:
The President definitely thinks that there’s a bitcoin strategic reserve.
He added that bitcoin would receive a “unique status” under Trump’s initiative, with further details expected at Friday’s White House crypto summit.
Upcoming crypto summit
The summit will bring together major bitcoin executives, investors, and regulators to outline a regulatory framework and discuss the proposed bitcoin reserve.
Petr Kozyakov, CEO of payment infrastructure platform Mercuryo, said:
Renewed optimism that U.S. president Donald Trump will make the announcement of a bitcoin reserve strategy is triggering a wave of buy orders.
Previous hints from Trump
Trump has previously hinted at the creation of a bitcoin reserve, saying in December:
We’re gonna do something great with [bitcoin] because we don’t want China, or anybody else, getting ahead.
Market volatility
Market excitement over the proposal comes amid broader volatility, including the collapse of meme coins and the largest-ever hack of the Bybit exchange.
