Bitcoin on a roller coaster ride after Trump’s ‘blessing’. The cryptocurrency soared to $70,000 (Monday, July 29), then corrected to $67,000 as rumors spread of a U.S. government intervention on the market. The fact is that the American presidential candidate has inflamed the market of the much-discussed virtual currencies that have effectively entered the electoral campaign in the United States. And at the same time, in Italy, we discover (Consob report) that one investor in five has them in their wallet.
Last weekend, Trump made a U-turn (anticipated by several statements in recent months). “If elected, bitcoin will be the basis for the national strategic reserve,” he said clearly. And he added: “As president, I will order the government to buy four million bitcoins.” The Republican candidate called cryptocurrencies a “revolution like steel was 100 years ago.” And, far from the “it’s hot air” or “it’s a scam” that he claimed years ago when he was President, he assured that the virtual currency, in the event of a tycoon victory, “will go to the moon.”
The market responded immediately. Bitcoin gained 3.5% (close to $70,000, a record), after a period of flat calm and losses. Ethereum (+4.8%, $3,377.14) and Solana (+6%, $193). Then the decline, after hours of trading. But it is clear that the election campaign is moving the market. This is also demonstrated by the funding, especially to the Republicans. Investors have already spent $80 million to support crypto-friendly exponents and since last spring, $4 million in donations in bitcoin have arrived.
And while cryptocurrencies are entering the election campaign in the United States, Italy is experiencing a boom. Between 2022 and 2024, the percentage of people owning cryptocurrencies went from 8% to 18%. According to the latest Consob data, almost one in five investors has them in their portfolio. The analysis studied the investment portfolios of Italians. The majority have certificates of deposit and postal savings certificates. Government bonds, mutual funds and bonds follow. But what is striking is the cryptoasset fever, which has almost doubled in the last two years. The reasons? Following the fashion trend, especially given that knowledge of this market still seems to be incomplete for many. How do you prepare and inform yourself for investments? Over half of young people (aged 18 to 34) do it on social media: 58%, 42% if you look only at women. Social media is the source for managing sums under 50 thousandeuros (41% versus 33% if we talk about higher figures) and for those with a low level of financial education (55% versus 33%).
