On Sunday, March 2, 2025, US President Donald Trump announced his intention to create a strategic cryptocurrency reserve for the United States, which will include several major digital assets. This move is part of an effort to strengthen the US’s position as a leader in the cryptocurrency space and support innovation in the financial sector.
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Details of the Announcement
In a post on his social media platform Truth Social, President Trump stated that the strategic cryptocurrency reserve will include cryptocurrencies such as XRP, Solana (SOL), and Cardano (ADA). He later added that Bitcoin (BTC) and Ethereum (ETH) will also be included as “the heart of the reserve.” Trump expressed his admiration for Bitcoin and Ethereum, emphasizing that this move would elevate the cryptocurrency industry after years of attacks from the previous administration.
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Market Reaction
The announcement had an immediate impact on the prices of the mentioned cryptocurrencies. Bitcoin saw a 9% increase to $93,000, pushing its market capitalization up by $166 billion. XRP surged from $2.23 to $2.99, a 34% increase. Solana rose from $140 to $168, and Cardano climbed from $0.68 to nearly $1, representing a 47% increase.
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Controversies and Questions
The announcement has sparked mixed reactions. While some investors welcome the government’s support for cryptocurrencies, others express concerns about the volatility of these assets and potential conflicts of interest. For example, David Sacks, a White House advisor on artificial intelligence and cryptocurrencies, has faced criticism for his previous investments in cryptocurrencies, although he claims to have sold all his holdings before taking office.
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Planned Summit
In response to the announcement, the White House is planning to host the first-ever “Crypto Summit,” where prominent founders, CEOs, and investors from the digital assets space will gather. The summit aims to discuss the future of cryptocurrencies and their regulation in the US.
This move marks a significant shift in the US government’s approach to cryptocurrencies and signals an effort to integrate digital assets into the national economic strategy.
