As Donald Trump addresses the nation, his statements are sending waves of excitement through the cryptocurrency market. Bitcoin’s price has surged to $106,000, despite daily fluctuations of $5,000 that continue to challenge altcoins. If you’re wondering why cryptocurrencies are on the rise, Trump’s comments may hold the answer.
What is Driving Cryptocurrency Prices Up?
In his ongoing remarks, President Trump has indicated a desire for lower interest rates. While the Federal Reserve operates independently, Trump may attempt to exert influence through various avenues. Jerome Powell has stated he will remain in position until the end of his term and will continue the Fed’s operations regardless of the changing administration.
Key points from Trump’s statements include:
“I will demand lower interest rates: I will ensure the U.S. guarantees energy supply security to Europe. The EU must not target U.S. companies. I will address the trade deficit with the EU, as their tariffs make it very difficult for products to enter Europe. The EU treats the U.S. very poorly.
I want NATO countries to increase defense spending to 5% of their GDP. I will insist on lower interest rates. I will seek a $1 trillion investment from Saudi MBS. I will ask OPEC to reduce oil prices.
If you don’t comply, you will face tariffs. Congress will approve the largest tax cut in American history. Biden has lost control over inflation and borders. I will reduce corporate tax rates to 15% if products are produced in the U.S.”