Bitcoin rebounds 1.5% after Trump calls himself a big crypto guy

Bitcoin rose 1.5% to $63,624 on Monday after President Donald Trump declared himself "a big crypto guy," reversing an earlier slide triggered by Strategy's disclosure of $216 million in bitcoin sales.

"Every time I see a crypto guy where they dropped an investigation I said, 'You are lucky I'm president,'" Trump said at a news conference, responding to a question about whether bitcoin could be added to the newly launched Trump Accounts. The tax-advantaged 503A accounts went live July 4, seeded with $1,000 for children born between Jan. 1, 2025 and Dec. 31, 2028.

Strategy disclosed in a regulatory filing that it sold roughly $80.8 million in bitcoin at an average price of $59,256 between June 29 and 30, followed by an additional $135.5 million from July 1 to 5. The company now holds 843,775 bitcoin worth about $52.1 billion at an average cost of $75,476 per token. Barclays analyst Ajay Rajadhyaksha said the sales marked a "significant hit to sentiment" after the company built its investment thesis on a public promise never to sell.

Trump tied his crypto support to geopolitical competition, saying, "If we don't have it, China's going to have it." The Securities and Exchange Commission dropped investigations into Robinhood and Coinbase in February 2025, soon after Trump returned to office. Cantor analyst Ramsey El-Assal said Strategy's sales are aimed at shoring up its preferred stock STRC, which trades below its $100 par level, rather than signaling a bearish view on bitcoin. Bitcoin remains 40% below its record high of more than $126,000 reached last year.

This article is for informational purposes only and does not constitute investment advice.