President Donald Trump announced today the establishment of a U.S. strategic cryptocurrency reserve that will include bitcoin, Ethereum, XRP, Solana and Cardano.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump wrote on Truth Social. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
In a follow-up post, the President added that “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
The reference to the Biden administration refers to various actions taken, mostly by the U.S. Securities and Exchange Commission, against cryptocurrency companies during Biden’s term. During the election campaign, President Trump had promised cryptocurrency fans a much friendlier regulatory regime that would embrace digital assets and even create a “strategic reserve” of bitcoin.
The latter promise, a strategic reserve of bitcoin, has seemingly now turned into something larger, covering a number of leading cryptocurrencies.
With the announcement, the cryptocurrency market saw a significant surge in prices. Bitcoin (BTC) rose by approximately 10% to $94,182, while Ethereum (ETH) increased by about 12%. Other cryptocurrencies included in the reserve experienced even more substantial gains: Ripple (XRP) jumped 30%, Solana (SOL) rose 20% and Cardano (ADA) skyrocketed over 50%.
The announcement of the cryptocurrency reserve was well-received by those in the industry. Federico Brokate, head of the U.S. business at crypto exchange-traded fund issuer 21Shares, told Forbes that “the launch of a U.S. crypto strategic reserve marks a pivotal moment for digital assets, reflecting a major step in the government’s engagement with the crypto industry.”
Non-industry players, however, were not as supportive. Former Google LLC engineer and Kubernetes advocate Kelsey Hightower called the announcement “one of the biggest grifts of all time” on Bluesky.
The announcement of the cryptocurrency reserve comes ahead of the inaugural White House Crypto Summit, scheduled for this coming Friday, March 7. President Trump is hosting the event, which aims to bring together prominent founders, chief executive officers and investors from the cryptocurrency industry, as well as members of the President’s Working Group on Digital Assets.
The summit’s agenda is expected to focus on key topics such as regulatory policies, stablecoin oversight and the potential role of bitcoin in the U.S. financial system.
Image: SiliconANGLE/Ideogram
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