Today, President Donald Trump unveiled the creation of a U.S. strategic cryptocurrency reserve, which will encompass bitcoin, Ethereum, XRP, Solana, and Cardano.
“The establishment of a U.S. Crypto Reserve is poised to uplift this vital industry after enduring years of detrimental actions from the Biden Administration. This is why my Executive Order on Digital Assets has tasked the Presidential Working Group with the development of a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump stated on Truth Social. “I am committed to ensuring that the U.S. becomes the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
In a subsequent post, the President emphasized, “Clearly, BTC and ETH, being other significant cryptocurrencies, will form the core of the Reserve. I also have a strong affinity for Bitcoin and Ethereum!”
Trump’s comments about the Biden administration reference various regulatory actions, largely initiated by the U.S. Securities and Exchange Commission, against cryptocurrency firms during Biden’s presidency. Throughout his campaign, Trump promised cryptocurrency advocates a more friendly regulatory approach towards digital assets, which included the creation of a “strategic reserve” of bitcoin.
This promise regarding a bitcoin reserve has now seemingly expanded to encompass several major cryptocurrencies.
Following the announcement, the cryptocurrency market experienced a notable price surge. Bitcoin (BTC) appreciated by roughly 10%, reaching $94,182, while Ethereum (ETH) surged by about 12%. Other cryptos included in the reserve showed even more impressive gains: Ripple (XRP) soared by 30%, Solana (SOL) rose 20%, and Cardano (ADA) jumped over 50%.
The creation of the cryptocurrency reserve was positively welcomed within the industry. Federico Brokate, head of the U.S. operations at crypto exchange-traded fund issuer 21Shares, remarked to Forbes that “the establishment of a U.S. crypto strategic reserve signifies a crucial moment for digital assets, marking a substantial step in the government’s engagement with the crypto sector.”
However, reactions outside the industry were less enthusiastic. Kelsey Hightower, a former engineer at Google LLC and a Kubernetes advocate, labeled the announcement “one of the biggest grifts of all time” on Bluesky.
This announcement coincides with the forthcoming inaugural White House Crypto Summit, set to take place this Friday, March 7. President Trump will host the event, which aims to convene notable founders, CEOs, and investors from the cryptocurrency world, along with members of the President’s Working Group on Digital Assets.
The summit will likely address critical issues such as regulatory policies, stablecoin management, and the prospective role of bitcoin within the U.S. financial framework.
Image: SiliconANGLE/Ideogram
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