Solana keeps rising and Joe Biden can crash Bitcoin

Solana, the so-called ‘Ethereum killer’, keeps on rising during the last months of the year. Over in the United States, more and more analysts realize that Joe Biden’s government is very critical of crypto, but owns some 5 billion dollar worth of Bitcoin by now.

FTX

Solana became the darling of the crypto world during the 2021 bull market because it presented investors with a vision of Ethereum during the early days of crypto, however without the slow and often expensive transactions. It is therefore seen as a real ‘Ethereum killer’, a modern cryptocurrency that could one day take over the role of Ether.

After FTX’s bankruptcy last year, Solana lost 70% of its value in just two days, as one of its biggest investors was Sam Bankman-Fried. Now that it appears that the demise of FTX does not necessarily mean the demise of Solana, the price of the digital currency is rising again.

In the last month, the price of Solana went up again by 60%. Yesterday the coin almost reached a price of 100 dollars.

5 billion dollars

Democratic President Joe Biden’s administration is not really a fan of Bitcoin. Through his known mouthpieces Janet Yellen (the US Secretary of the Treasury) and Elizabeth Warren (the senator from Massachusetts who made way for Biden in the 2020 primaries so that he could steal the nomination from Bernie Sanders), the president makes it clear at all times that Bitcoin and crypto only serves criminals and gangsters.

Of course, American voters know better. Crypto is extremely popular in the United States and young people trade it via platforms such as Coinbase and Robinhood whenever there is a bull run.

That’s why it’s so remarkable that the US government is amassing more and more Bitcoin. By now, the White House already has several Bitcoin wallets, all together worth some 5 billion dollars. So Biden can crash the currency if he wishes, but is likely to hold on to crypto as a long-term investment.

Silk Road

Crypto fans tell a popular joke: only Satoshi Nakamoto can actually crash the price of Bitcoin by suddenly throwing his Bitcoins (Satoshi kept the first 1.1 million Bitcoin for himself) on the market. They forget that Joe Biden by now can do that too.

Just this week, he was told by a judge in the United States that 69,000 Bitcoins, which had been seized from the legendary Silk Road website, now belong to the US government. This now brings the value of all Bitcoins in the White House’s possession to some $5 billion.

If Biden suddenly needs money next year to buy airtime in order to influence the election against (probably) Trump, you can be sure that all the White House’s anti-crypto aversion will quickly be a thing of the past.

If Bitcoin reaches a new record price next year due to the halving in the spring of 2024, things could thus become very interesting.