The alliance between President Donald Trump and the tech community is showing signs of strain due to his recent announcement of a strategic crypto reserve. While Trump had promised to support the crypto industry by reducing regulations, his plan to include not just Bitcoin but also other cryptocurrencies like Ether, XRP, Solana’s SOL, and Cardano’s ADA in the reserve has sparked backlash. Critics argue that using taxpayer money to buy these riskier assets could benefit only a select few investors. Prominent figures in the crypto world, including Coinbase CEO Brian Armstrong and billionaire investor Tyler Winklevoss, have expressed concerns. The announcement led to a drop in cryptocurrency prices, reversing the initial rally. Despite the backlash, some industry leaders remain cautiously optimistic, awaiting further details at Trump’s upcoming White House Crypto Summit. — news from CNBC
