US President Donald Trump has announced the creation of a strategic “crypto reserve” that will include bitcoin, ether, XRP, Solana’s SOL token, and Cardano’s ADA. This is the first time Trump has specified his support for a crypto reserve over a “stockpile,” which would involve actively buying more crypto in regular installments.
The announcement has led to significant rallies in cryptocurrencies, with XRP surging 33% and Cardano’s coin jumping 60%. Bitcoin rose 10% to $94,343.82, while ether gained 13%.
Trump’s plan aims to make the US “the Crypto Capital of the World,” but some critics argue that a crypto reserve could undermine the status of the dollar and be easily undone by future administrations.
The President has hosted several crypto-themed events in recent months, including the White House Crypto Summit on Friday. Investors are watching closely for more information on the direction of the reserve plans.
A “crypto reserve” is distinct from a “stockpile,” which would not involve actively buying or selling crypto. Trump first proposed the idea of a bitcoin stockpile last summer and has since received criticism for his approach to cryptocurrency regulation.
The inclusion of other coins in the reserve has raised concerns among some investors, who argue that it could lead to favoritism towards certain cryptocurrencies. Some critics also worry about the potential impact on the value of the dollar and the decentralized nature of cryptocurrencies.
Source: https://www.cnbc.com/2025/03/02/trump-announces-strategic-crypto-reserve-including-bitcoin-solana-xrp-and-more.html