Praising Bitcoin is a tactic used by the president's son.
Written by: DeThings Team
On February 6, Eric Trump reiterated his bullish stance on Bitcoin in a tweet, stating, "I feel now is a good time to get into #BTC." He also tagged the DeFi project World Liberty Financial, which is associated with his family.
This is not the first time the president's son has expressed optimism about Bitcoin. In an interview with Benzinga last December, Eric stated that he holds Bitcoin, Ethereum, Solana, and Sui, saying, "I am very bullish on Bitcoin and cryptocurrencies."
Later that month, during a keynote speech at the Bitcoin Middle East and North Africa Conference in Abu Dhabi, Eric predicted that Bitcoin's price could reach $1 million and viewed it as a revolutionary financial paradigm that could reshape the global economy.
"Bitcoin has fundamentally changed our perception of money, wealth, and the future… it has also changed the way our company raises funds," he said at the event. "The revolution is not coming; it has already arrived."
As Eric made his statement, Bitcoin was facing resistance from economic uncertainty caused by tariffs. On February 1, President Donald Trump announced tariffs, triggering a market-wide sell-off.
Since then, Bitcoin's current trading price is around $97,700, unable to maintain momentum above $100,000, and has dropped 7% over the past week. Ethereum has seen an even steeper decline, falling 37% from its recent high on January 31, marking one of the largest drops in recent history.
Praising Bitcoin is a tactic used by the president's son; on February 4, Eric Trump also stated, "Now is a good time to add ETH."
Within 18 hours of hitting a low, Ethereum rebounded over 35%, soaring from around $2,300 to over $2,900 in less than a day. Since then, Ethereum's price has stabilized, trading at around $2,830 as of February 6.
Manipulating the Crypto Market via Social Media
In recent months, Bitcoin has maintained a strong upward momentum, but at the time Eric Trump made the above statements, Bitcoin's market structure was completely different from that of Ethereum. While his Ethereum tweet coincided with a market bottom and extreme overselling, Bitcoin's trading price was consistently near historical highs, leaving little room for a sudden reversal.
Eric Trump is one of the more low-key members of the Trump family, but his financial views are closely tied to his family's political stance. Eric's statements are seen by some analysts as signals that directly influence the market. The rapid dissemination effect of social media allows ordinary investors and traders to react quickly, driving market volatility.
However, Eric Trump's statements are not merely expressions of personal investment views; they are underpinned by profound political and economic motives. The Trump family's relationship with the cryptocurrency market is complex, and Eric's tweets seem to have, to some extent, influenced market sentiment.
Moreover, Trump had also teased the release of meme coins on Twitter before they were launched. Even Elon Musk's promotion of Dogecoin and BAN leveraged Twitter for price increases.
The Trump family is also involved in several crypto projects, including World Liberty Financial, in which Eric is involved. The platform claims its goal is to promote the adoption of cryptocurrencies and decentralized finance (DeFi), although it does not publicly trade Bitcoin, it holds a significant portfolio of crypto assets, such as Ethereum (ETH) and Tron (TRX).
The World Liberty team purchased over $70 million worth of crypto assets before Trump's inauguration. This investment increased the entity's cumulative crypto holdings to $325 million.
According to data from Arkham Intelligence, the project transferred most of its cryptocurrency assets (including a large amount of ETH and WBTC) to Coinbase on Tuesday.
World Liberty's cryptocurrency portfolio has significantly shrunk, with a decline of over 90%, now valued at around $34 million.
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