Rumors swirled through crypto communities this week, claiming that former President Donald Trump had just signed a groundbreaking executive order (EO) designed to spark a massive altcoin rally in February. Influencers on social media fueled the frenzy by sharing photos of Trump seated at the Resolute Desk, pen poised, as if he were authorizing a sudden surge in altcoin prices. The posts quickly amassed millions of views and interactions, leading some traders to anticipate an imminent “alt season” that would catapult digital assets to new record highs.
However, it was all a hoax. Contrary to the tweets, President Trump did not sign any new executive order on Thursday that promised crypto riches. The images flooding social media were either outdated snapshots or creative fabrications presented as recent and relevant. While the story generated considerable buzz across various platforms, it was ultimately revealed to be nothing more than another instance of viral misinformation.
In reality, the only relevant executive order Trump has signed regarding digital assets occurred on January 23. This directive did not enact any new law or impose additional regulations. Rather, it established a working group tasked with examining digital assets and offering regulatory recommendations. David Sacks, labeled a “crypto czar” by the administration, chairs this committee. During the official signing ceremony, Trump jokingly asked Sacks to ensure that the United States would benefit financially from exploring digital asset opportunities — but there was no mention of pumping altcoins or launching an altcoin season in February.
This stark discrepancy between fact and fiction underscores the ongoing prevalence of fake news in the crypto sphere. Fraudulent claims like Thursday’s fictitious Trump EO are not uncommon, as social media platforms have made it easier than ever for rumors to spread at lightning speed. Time and again, the crypto community has had to contend with misleading stories, including wild assertions about a 44.6% unrealized capital gains tax, false reports of Securities and Exchange Commission (SEC) Chair Gary Gensler being nominated as Secretary of the Treasury, and bizarre anecdotes involving condom-smuggling rings.
Amid the barrage of misinformation, it is wise for crypto enthusiasts to remain vigilant and scrutinize sources before reacting to viral claims. This caution is especially critical when headlines propose dramatic regulatory shifts or sudden market catalysts. The legitimate Trump EO signed in January concerns itself with evaluating the current digital assets landscape in the United States, a far cry from promising astronomical gains for altcoins or an immediate crypto bull run.
Moving forward, transparency and proper fact-checking should stay at the forefront for those trading or reporting on cryptocurrency. Misinformation can create unwarranted market swings, catching unsuspecting traders off-guard. The lesson here is clear: verify the source and substance of any sensational crypto claim before making critical investment decisions.
Original Source: protos.com.