To say that news from the world of cryptocurrency is mixed would be an understatement.
Over the weekend, the New York Times reported on the kidnapping of an Italian tourist and Bitcoin holder by a Bitcoin investor. The victim was held for five weeks and subjected to torture in an attempt to force him to reveal his login information for his cryptocurrency holdings. Fortunately, he managed to escape and subsequently reported the incident to the police, leading to the arrest of the investor, who has been denied bail.
Charges against the Bitcoin investor follow an attempted kidnapping in Paris of the daughter of a cryptocurrency industry leader that took place in broad daylight earlier this month. This horrific incident was captured on video.
Meanwhile, the market for Bitcoin is on fire, with one Bitcoin currently trading around $109,000. And, some researchers believe that the digital coins, price could surpass $200,000 by the end of the year.
The crypto world has embraced Trump’s return to the White House
The surge has been fueled in part by growing institutional support, with the White House being the prime example.
After the collapse of FTX in 2022, under the Biden administration, the Department of Justice began to scrutinize cryptocurrency traders, wallets, and brokers more aggressively. Millions of small investors lost everything when FTX collapsed, as investments in cryptocurrency are not protected by the FDIC.
In response, the Biden administration launched a wave of enforcement actions and created the National Cryptocurrency Enforcement Team (NCET) to crack down on fraud and abuse in the crypto space.
Sam Bankman-Fried, the former CEO of FTX, had long been seen as crypto’s golden boy, but the investigations into him and his company uncovered a trove of criminal activity. In 2023, Bankman-Fried was sentenced to 25 years in prison on counts related to wire fraud, conspiracy to commit wire fraud, securities fraud, and money laundering.
The Trump administration is taking a different approach to crypto
However, many of these consumer protection concerns have been set aside under the Trump administration. Since taking office in January 2025, President Trump has issued pro-crypto executive orders, reshaped regulatory leadership, and halted or dismissed dozens of enforcement actions initiated under the previous administration. In early March, the president signed an executive order “to establish a Strategic Bitcoin Reserve with the goal of ”positioning the United States as a leader among nations in government digital asset strategy.”
The reserve would initially be funded with “bitcoin owned by the Department of the Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings.”
FACT SHEET: PRESIDENT DONALD J. TRUMP ESTABLISHES THE STRATEGIC BITCOIN RESERVE AND U.S. DIGITAL ASSET STOCKPILE
March 6, 2025https://t.co/Jn2pzMKqIm— David Sacks (@davidsacks47) March 7, 2025
President Trump and his family have embraced cryptocurrency, launching various NFTs and memecoins over the last two years. Last week, the top 220 buyers of the $TRUMP, who collectively spent nearly $400 million, were invited to an exclusive dinner with the president at his property outside Washington, D.C. The event, while controversial, has further energized the crypto community and contributed to the bullish momentum in the market.
Who is driving the increase in the price of Bitcoin?
Forbes reported last week that in the options markets, many Bitcoin supporters are betting that the digital currency will reach $300,000 by June.
This would mean it would need to double its current value.
The chief market analyst of FxPro, an online broker, Alex Kuptsikevich, told the financial outlet that the price “is being driven upwards by a crowd of retail investors, who are also driving the US stock market.” These investors differ from institutional investors, who may pay less attention to a possible slowing of the US economy, and the fact that it is unlikely that the Federal Reserve will cut rates in this uncertain environment, explained Kuptsikevich.
Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all. Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.