Bitcoin (BTC) surged past the $90,000 mark following reports of its potential preferential treatment in President Donald Trump’s proposed US crypto reserve strategy.
The speculation comes ahead of the White House Crypto Summit, which Trump will host and feature top digital asset industry executives.
Trump’s Bitcoin Reserve Plan Unveiled
Citing Commerce Secretary Howard Lutnick, The Pavlovick Today revealed that the strategic cryptocurrency reserve would be on Friday’s agenda for President Trump’s White House Crypto Summit.
“The President definitely thinks that there’s a Bitcoin strategic reserve. Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday,” Lutnick reportedly stated.
Reportedly, Trump envisions a strategic Bitcoin reserve, distinguishing it from other cryptocurrencies. Lutnick suggested Bitcoin would receive unique status under Trump’s plans.
“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he added.
Following this news, Bitcoin reclaimed the $90,000 psychological level, with BTC trading for $90,097 as of this writing. According to BeInCrypto data, this represents a surge of over 7% since Wednesday’s session opened.
The prospective preferential treatment for Bitcoin is unsurprising given its heft as the pioneer crypto. Similarly, its commodity status, like Ethereum (ETH), also positions it for possible privilege.
In a recent Truth Social post, he emphasized his administration’s commitment to elevating the crypto sector. Specifically, Trump announced that the US crypto reserve would include XRP, SOL, and ADA alongside Bitcoin and Ethereum.
However, Lutnick’s comments suggest that Bitcoin may receive special status under the new framework. While Trump’s announcement has fueled bullish sentiment in the Bitcoin market, it has also sparked significant debate.
Some crypto leaders have expressed skepticism about including alternative cryptocurrencies (altcoins) in the US reserve. Critics argue that favoring Bitcoin while treating other tokens differently could create market distortions.
Another major talking point is Ethereum’s role—or lack thereof—in the prospective crypto reserve strategy. The White House Crypto Summit will feature leaders from ecosystems running on Ethereum, but the blockchain lacks representation.
Notwithstanding, the announcement of a strategic crypto reserve has led to speculation about an incoming altseason. Tim Haldorsson, founder of Luna Strategy, told BeInCrypto that Trump’s plan could drive increased investment into altcoins.
However, Henrik Zeberg Jensen, the head of Macroeconomics and fund manager of Swissblock Technologies AG, has a different opinion.
“Trump does not stand as a testimony to or a proof of which tokens will have success. Look at his meme coin [TRUMP]! No usability- and driven by speculation. The success of any token in the long run will be based on the usability of the token in future solutions which will lift productivity and reduce cost. Trump’s picks in that respect seem arbitrary,” Zeberg told BeInCrypto.
Should Bitcoin get preferential treatment in the crypto reserve, altcoins could still benefit. Historically, Bitcoin-led rallies have often paved the way for altcoin surges.
In crypto trading, the promise of massive gains often comes with the risk of heavy losses. Over the years, several high-profile crypto traders have made headlines for their bold bets, only to see their fortunes crumble when the market turned against them.
From Bitcoin (BTC) to Ethereum (ETH), the crypto market has proven to be a double-edged sword. Millions can be made or lost in just hours, and traders are left to deal with the fallout from their high-risk moves. Here are the stories of three crypto traders who wiped out millions:
James Wynn
James Wynn, a pseudonymous trader on Hyperliquid, has become one of the most discussed figures on crypto Twitter (now X) due to his high-risk, high-reward trading style.
“Since I began trading this year on HyperLiquid I have made a total profit of $41,696,589.75 (on-chain). Next goal is $1bn. Not for the money. But for the legacy. Unlikely I’ll do it this cycle unless I went max degen on shorting the top, which I’m probably the only person with this kind of wealth who’s willing to turn it up on 40x leverage and put a significant % on the line,” Wynn said on May 9.
The trader had several successful trades. On May 24, he booked a $25.18 million profit from a long position in kPEPE and $16.89 million from a long Bitcoin position. Other notable trades included a $4.84 million profit from Fartcoin (FARTCOIN) on May 13 and a $6.83 million profit from Official Trump (TRUMP) on May 12.
Wynn’s profits peaked at over $87 million in late May. However, this was short-lived, as the trades began to backfire soon after. Wynn faced a series of significant setbacks.
On May 23, he lost $3.69 million from a long Ethereum position and $1.59 million from a Sui (SUI) long position. Two days later, on May 25, he suffered a $15.86 million loss from a short position in BTC.
“James Wynn has wiped out almost all his profits on Hyperliquid. It took him 70 days to go from 0 to $87 million+ in profit, and only 5 days to lose almost all the $87 million+ in profit,” Lookonchain posted on May 28.
Despite losing it all, Wynn’s bets continued. The largest blow came on May 30, when a long BTC position resulted in a loss of $37.41 million. Wynn’s losses extended into May 31, with an additional $1.20 million lost from another BTC long position.
At the time of writing, Wynn’s performance showed a win rate of 40.48%, with 17 successful trades out of 42.
Anonymous ETH Whale
Wynn’s downfall is part of a larger trend, with other crypto traders also losing millions. In March 2025, an anonymous cryptocurrency trader, identified by the wallet address 0xf3F496C9486BE5924a93D67e98298733Bb47057c, suffered a staggering $308 million loss after a 50x leveraged long position on ETH was liquidated.
The trader had opened the position when ETH was trading at $1,900, with a liquidation price of $1,877. However, amid heightened market volatility driven by global tariff concerns, ETH’s price plummeted, liquidating 160,234 ETH.
An Anonymous Trader’s 160,234 ETH Liquidation. Source: Hypurrscan
Lookonchain reported that the whale had rotated all their Bitcoin holdings into this leveraged ETH trade, amplifying the risk.
“Crazy! This whale has switched all of his long BTC positions to long ETH,” the post read.
Leveraged trading, which uses borrowed funds to magnify both gains and losses, proved disastrous in this case, as a small price movement wiped out the trader’s entire position.
While leveraged bets have led to massive financial losses, they have also tragically resulted in the loss of life. In June 2019, Hui Yi, the co-founder and CEO of the cryptocurrency market analysis platform BTE.TOP reportedly took his own life.
Yi’s distress was believed to be caused by his involvement in a failed 100x leveraged short position on 2,000 Bitcoins. The extreme leverage amplified his losses, making his position highly vulnerable to even minor price fluctuations.
There was also speculation that the 2,000 Bitcoins might have belonged to clients. Some even suggested that Yi may have faked his death to avoid repayment. However, no evidence supported these theories.
An ex-partner confirmed Yi’s death. This tragic incident highlighted the psychological toll of leveraged trading and the dangers of using excessive borrowed funds in the volatile crypto market.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
