US President Donald Trump has announced the inclusion of five cryptocurrencies – bitcoin, ether, XRP, solana, and cardano – in a new strategic reserve, sparking a surge in market values. The news sent cryptocurrency prices soaring, with bitcoin up over 11% at $94,164 and ether up about 13%.
Trump’s executive order on digital assets aims to create a stockpile of currencies, including the five named cryptocurrencies, which will be at the heart of the reserve. The move is seen as a significant shift in US government participation in the crypto economy.
Industry experts say the announcement could accelerate institutional adoption and provide greater regulatory clarity. Federico Brokate, head of US business at 21Shares, described the move as signaling a “shift toward active participation” in the crypto industry. However, James Butterfill, head of research at CoinShares, expressed surprise that digital assets other than bitcoin were included.
The reserve is expected to be backed by the US Treasury’s Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies. Analysts predict a potential increase in interest rates and regulatory framework to boost market values. The inclusion of these cryptocurrencies sets the stage for a potentially significant impact on the global crypto market.
Source: https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02