Bitcoin has surged to frsh records since Donald Trump was re-elected president last week, with hopes he will ease regulations surrounding the digital currency
Donald Trump was a headliner at the Bitcoin 2024 conference in Nashville. AFP

KEY POINTS

  • Crypto Rover triggered the debate on X Wednesday, saying Trump gave $BTC holders "a trade war" instead of a Bitcoin reserve
  • Some believe Trump ushered in a new era of crypto and shouldn't be blamed for the broader market downturn
  • Others called out "whiny" Bitcoiners for their impatience on an SBR, which will take time to be created

As Bitcoiners continue to wait for updates on the promised push for a national strategic Bitcoin reserve (SBR) in the U.S., some holders believe the assurance could have just been a "scam."

Crypto YouTuber Rover took to X on Wednesday to fuel a conversation on whether President Donald Trump "scammed" BTC holders regarding his promise of a strategic reserve, but other cryptocurrency users were divided over the claim.

"Trump promised us a strategic Bitcoin reserve. He gave us a trade war instead. What kind of scam is this?" Rover wrote on X.

He accompanied the post with a screenshot of BTC's price at the time of posting, which was at $83,800.

Crypto users have different opinions about the matter

For one user, Trump "never promised" to establish a BTC reserve, noting how the pro-crypto executive order the president signed only used broad language when talking about a "digital assets stockpile."

One user said he doesn't see it as a scam. Instead, the user believed Trump "brought us into a new world of cryptocurrency" and the current market crash was influenced by macroeconomic factors, not from within the crypto industry itself.

Another user said Trump's trade war shouldn't be blamed for the crypto market's downturn.

"Institutional money is here; they are manipulating the market," the user said, referring to theories around the crypto community that some institutions that entered the space are manipulating crypto prices.

"Trump did promise to increase tariff in his campaign, no?" said one user, suggesting that the trade war was inevitable, given the current president's long-standing views on U.S. trade.

One user said Trump not just "scammed" the industry, but also enabled a "meme coin pump and dump," along with a photo of the Official Trump (TRUMP) meme coin's price downward action since its launch.

Another user recommended that Rover and other Bitcoiners "trust the process" as it would take time for a BTC reserve to be established due to legislative processes.

"Whiny posts like this just detract cred[ibility] and & value," the user wrote.

Trump isn't the only politician who has ever made promises and failed to follow them through, one commenter pointed out.

An ally did declare the Trump administration will work on an SBR

Sen. Cynthia Lummis, R-Wyo., a Trump ally and the chair of the Senate Banking Committee's subcommittee on digital assets, said as soon as Trump's win was announced by U.S. media in November that an SBR will be established.

It remains to be seen whether she will be able to pull it off, given the challenges around legislation and other issues within government beyond the crypto space.

Bitcoin prices have slightly recovered as of early Thursday, trading at around $86,000 from a low of $82,400 Wednesday.

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