
In a strong rebuke of President Donald Trump’s latest financial policy, Democratic Representative Gerald E. Connolly has called on the US Treasury Department to immediately halt efforts to establish a strategic cryptocurrency reserve. Connolly, who serves as the Ranking Member of the House Oversight and Government Reform Committee, raised concerns over what he described as a blatant conflict of interest, arguing that the initiative appears designed to enrich Trump and his financial backers rather than serve the broader American public. His formal request was outlined in a letter sent on March 13 to Treasury Secretary Scott Bessent. Connolly Challenges Trump’s Crypto Reserve The controversy stems from Trump’s executive order which was signed earlier in March. It details the creation of a federal Bitcoin reserve capitalized with approximately 200,000 Bitcoin already in the government’s possession. In addition, the order establishes the US Digital Asset Stockpile, a separate entity tasked with managing forfeited digital assets, including Ethereum, XRP, Solana, and Cardano. While the administration has stated that the reserve aims to strengthen the country’s leadership in digital financial technology, Connolly contends that the initiative is a misguided policy decision that could undermine economic stability while disproportionately benefiting the president’s personal business ventures. Central to Connolly’s objections is Trump’s financial interest in the World Liberty Financial Initiative (WLFI). He warned that Trump’s personal stake in the company presents an alarming conflict of interest, as any government policy that boosts cryptocurrency values would directly enhance the profitability of Trump’s business interests. Additionally, the lawmaker pointed to Trump’s controversial involvement in the memecoin Official Trump (TRUMP). Critics have described the token as a speculative money-making scheme, while Connolly said that Trump and his allies stand to gain financially from its volatility. Adding to the scrutiny, Connolly took issue with the manner in which the cryptocurrency reserve is being implemented and highlighted that the US President has not sought congressional authorization for the initiative. By sidestepping legislative input, the administration’s approach raises concerns over transparency and accountability in the handling of federal financial policy. Connolly’s letter cited a Federal Reserve official who dismissed the cryptocurrency reserve plan as “the dumbest idea” ever proposed. Connolly has urged the Treasury Department to abandon all efforts to move forward with the strategic cryptocurrency reserve and requested a full briefing on the matter by March 27. As opposition mounts, the debate over Trump’s cryptocurrency policies is expected to intensify. Meanwhile, lawmakers and financial experts continue weighing the implications of a federal government-backed digital asset reserve. Crypto Market in Turmoil Following Trump’s March 6 executive order establishing a strategic Bitcoin reserve, crypto markets experienced a sharp downturn. Bitcoin, for one, plummeted from over $93,400 to a low of $77,234 in a span of less than a week. While the price has since staged a partial recovery to $83,176, investor sentiment remains fragile as broader macroeconomic uncertainty continues to weigh on the market. Altcoins also suffered significant losses, with Ethereum, XRP, Solana, and Cardano posting double-digit declines in the aftermath of the announcement. The post Trump’s Strategic Bitcoin Reserve Sparks Backlash Over Alleged Self-Enrichment appeared first on CryptoPotato .
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Bitcoin Thrills Market with Promising Predictions for 2023

Bitcoin is predicted to outperform gold as a top investment this year. Tom Lee forecasts Bitcoin will exceed $150,000 by year-end. Continue Reading: Bitcoin Thrills Market with Promising Predictions for 2023 The post Bitcoin Thrills Market with Promising Predictions for 2023 appeared first on COINTURK NEWS . Crypto Potato

Bitcoin Price Targets $90,000 as BTC Whales Go on Accumulation Spree
Bitcoin’s price recovered from a massive drop to a four-month low earlier this week and sits about seven grand higher now. Analysts believe that it could continue climbing and reach $90,000 as long as it remains above the $84,000 support level, which is being tested now. Whales Buying, BTC Rising Large BTC wallets, typically referred to as whales or sharks, are crucial to the asset’s price movements due to their ability to purchase or offload massive portions in a rather short timeframe that could impact the entire market. After months of accumulating before and during the run toward $110,000, they changed their stance in early February following Trump’s tariffs against several countries. Inevitably, BTC’s price tumbled, and its most recent bottom came earlier this week with a drop below $77,000 – a four-month low. During this correction, though, whales and sharks reversed their strategy once again and began accumulating more of the asset. The last few days of the business week saw another buying spree, with more than 20,000 BTC going into their wallets, according to Ali Martinez, who cited data from Santiment. In terms of USD value, this stash is worth close to $1.7 billion. Whales have bought over 20,000 #Bitcoin $BTC in the last 48 hours! pic.twitter.com/5e6eLvYEiN — Ali (@ali_charts) March 14, 2025 The popular analyst told his 130,000 followers on X that bitcoin could surge to $90,000 as long as the $84,000 support, which is being tested as of press time, holds. Leveraged Run? Although whales purchasing substantial portions of BTC within a few days could indeed impact bitcoin’s price, as well as the entire market, which has jumped since Thursday, CryptoQuant’s Maartunn outlined another possible reason behind the relief rally. He noted that the Bitcoin Open Interest had increased by about 13% from the recent lows and is close to $28 billion now. Consequently, he warned that this surge could be driven by a large number of leveraged positions, which is a double-edged sword. In case of a rapid BTC price crash, those leveraged longs could result in a massive liquidation cascade , as we have witnessed on a few occasions since the February correction. Leverage Driven Pump! Bitcoin Open Interest rises to $27.9 billion, marking a $3.3 billion (+13%) increase from its recent low. pic.twitter.com/e2nAisQ132 — Maartunn (@JA_Maartun) March 14, 2025 The post Bitcoin Price Targets $90,000 as BTC Whales Go on Accumulation Spree appeared first on CryptoPotato . Crypto Potato