Bitcoin Mentioned Only Once... 'US Crypto Czar' Press Conference Leads to $100,000 Level Collapse

David Sachs, the US White House Crypto Czar, speaks at a press conference on the 4th (local time). /Photo=US Senate Banking Committee X

The press conference of David Sachs, the US White House Crypto Czar, which drew significant attention from the cryptocurrency industry, ended with disappointment. This was because he emphasized regulations and stablecoins without mentioning Bitcoin. The Crypto Czar is the chief official with overall authority over the US administration's cryptocurrency policy.

At the press conference held at the US Capitol in Washington D.C. on the 4th (local time), Sachs, the Crypto Czar, stated, "The goal of the Donald Trump administration is to support the responsible growth of the cryptocurrency industry and establish a clear regulatory framework," and "We will also strive to prepare and pass the Stablecoin Act."

He explained, "Stablecoins will ensure the international dominance of the dollar and promote the use of digital dollars," and "It is expected to create demand worth trillions of dollars for government bonds, which could also lower long-term interest rates."

There was no mention of Bitcoin-related policies. When asked by a reporter about the progress of Bitcoin reserves, he only provided a general answer, saying, "The discussions are in the early stages." He also avoided a direct answer regarding the possibility of inclusion in sovereign wealth funds, suggesting, "It would be better to ask Howard Lutnick, the nominee for Secretary of Commerce."

The press conference was attended by Tim Scott, Chairman of the Senate Banking Committee, French Hill, Chairman of the House Financial Services Committee, John Boozman, Chairman of the Senate Agriculture Committee, and G.T. Thompson, Chairman of the House Agriculture Committee. They emphasized, "We will accelerate the bipartisan bill 'Guiding and Establishing National Innovation for US Stablecoins (GENIUS),' prepared in cooperation with Democrats and Republicans. We will move aggressively to pass the bill within 100 days."

As no clear policy direction regarding Bitcoin emerged, the market reacted immediately. Bitcoin, which had been maintaining the $100,000 level, fell to the $98,000 range during the press conference. Currently, Bitcoin is trading at the $97,000 level on Binance, down 2% from the previous day.

The cryptocurrency industry expressed disappointment with this press conference. CoinDesk evaluated, "The content of this announcement can be summarized in three X posts. It's hard to understand why an hour was spent," and described it as a "disappointing press conference that repeated existing positions."

A domestic blockchain industry official also commented, "The content of actively pursuing the Stablecoin Act is positive. However, this is not special news as it has been discussed for a long time," and added, "The market's disappointment can be confirmed just by looking at Bitcoin's price movement."