The Dow, the S&P 500 and the Nasdaq—as well as the bitcoin price and gold—have returned to all-time highs in the first six months of Donald Trump’s second stint in the White House (with traders now braced for a Federal Reserve earthquake).
The bitcoin price is almost double where it was a year ago amid serious fears over the fate of the U.S. dollar, while the Dow, the S&P 500 and the Nasdaq have all rebounded from their Trump tariff-induced slumps. Gold has almost doubled over last two years.
Now, as a BlackRock bombshell hurtles toward the bitcoin price and crypto market, Trump’s artificial intelligence and crypto czar David Sacks has said media warnings over “chaos” and “doom” signal an “excellent time to buy the dip.”
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U.S. president Donald Trump has overseen stock markets, including the Dow, the S&P 500 and the … More
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“I think this is a very easy way to trade the Trump presidency,” Sacks said, speaking on the All In Podcast he hosts with fellow investors David Friedberg, Chamath Palihapitiya, and Jason Calacanis.
“Anytime that the media tries to sew doom or spread panic about the Trump administration’s policies, that’s a good time to buy.”
Sacks, who has helped the Trump administration get long-awaited crypto legislation that would legitimise dollar-pegged stablecoins passed by the Senate, pointed to CNBC analyst Jim Kramer’s early April “Black Monday” warnings as well as former Treasury secretary Larry Summers’ “constant TDS”, short for Trump derangement syndrome.
Bitcoin, along with stocks that make up the S&P 500, the Dow and the Nasdaq, all sold off sharply this year as investors balked at Trump’s plans for wide-ranging tariffs on countries around the world.
Stock and crypto markets have bounced back, however, as fears Trump’s tariffs would immediately drive inflation higher failed to materialise, with the bitcoin price hitting an all-time high of $112,000 per bitcoin earlier this month.
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The bitcoin price has rocketed higher over the last year, soaring along with the Dow, the S&P 500 … More
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In early April, Trump posted to his Truth Social account that he thought it was a “great time to buy,” which proved the be the bitcoin price and stock market’s recent bottom.
S&P 500, the Dow and the Nasdaq are all at or near all-time highs, with the gold price dropping back from its recent peak as traders go “risk on” and buy bitcoin, crypto and stocks.
“A stronger risk appetite suggests investors are fishing for opportunities in the U.S. again, despite signs earlier this year of a market rotation away from America in favour of allocating more money to Europe and emerging markets,” Russ Mould, investment director at AJ Bell, said in emailed comments.
“Admittedly, a month is too short a period to make a call on a definite trend, but it’s an area to watch closely.”