Trump Calls Himself a "Big Supporter of Crypto," Bitcoin Rebounds to $63,624
Miles Bennett
Bitcoin dipped toward $60,000 intraday then rebounded to $63,624, up 1.5% — the catalyst was Trump publicly declaring himself a 'big crypto supporter,' as the market digested Strategy's $216 million sell-off.
Why did Strategy suddenly sell?
Strategy sold roughly $216 million in bitcoin across two tranches from June 29 to July 5, at an average price of $59,256 per coin.
This means → the company famous for pledging "never sell" broke its own core promise, cracking the market's faith narrative.
Its holdings now sit at 843,775 BTC, book value about $52.1 billion, with an average cost of $75,476 per coin — still underwater.
Does the sale signal bearishness on bitcoin?
Cantor Fitzgerald analyst Ramsey El-Assal argues the sale is not a bearish call — it aims to push the preferred stock STRC back toward its $100 par value.
In plain terms = Strategy owes three constituencies — preferred shareholders, common shareholders, and bitcoin investors — and selling coins robs Peter to pay Paul.
El-Assal expects such moves to be "frequent and regular." This means → the market should treat each sale as routine capital-structure management, not a surprise bearish signal.
What exactly did Trump say?
Asked whether bitcoin could be included in the new "Trump Accounts" — 503A accounts, a tax-advantaged savings vehicle for children — Trump said "there may be some action" but gave no timeline.
Robinhood serves as broker and sole initial custodian, partnering with BNY Mellon. Eligible U.S. citizens born 2025–2028 receive a $1,000 government seed; at 18 the account converts to a traditional IRA.
This reflects a White House push to reposition crypto from "trading asset" to "long-term savings tool" — though for now it remains a verbal signal only.
How is the market digesting these signals?
Barclays analyst Ajay Rajadhyaksha noted that Strategy's investment thesis rests on a "never sell" pledge — once broken, the sentiment damage far exceeds the dollar amount sold.
Yet Trump's remarks offered a same-day hedge: bitcoin bounced more than $3,600 off its intraday low, Strategy common stock rose about 1%, and STRC gained nearly 3%.
In plain terms = a corporate-level faith crack met a policy-level bullish hint; the two forces offset, and the market leaned optimistic.
What to watch next?
The key verification point: whether bitcoin is formally included in the Trump Account's investable asset universe — that would plug crypto into a nationwide savings channel for newborns.
If included, this means → a stream of $1,000 government seeds plus up to $5,000 annual family top-ups could flow into crypto markets through a compliant channel.
If not, Trump's statement was a one-off sentiment catalyst with no real funding pipeline behind it.
Content is for reference only, not financial advice.