President Donald Trump revealed Sunday that his administration is moving forward with a U.S. “strategic reserve” of cryptocurrencies, sparking a major rally across digital asset markets.
Citing Bitcoin, Ethereum, XRP, Solana, and Cardano as key assets, Trump’s initiative signals a significant shift from past skepticism—including his own—toward fully embracing the crypto industry as a pillar of American economic strength.
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” Trump stated in a Truth Social post, referencing his January executive order that directed the President’s Working Group on Digital Asset Markets to develop the reserve. “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. 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, Trump underscored Bitcoin and Ethereum as “the heart of the Reserve,” adding, “I also love Bitcoin and Ethereum!”
The announcement triggered a surge in the crypto market. XRP soared over 30% within hours, Solana rose 22%, and Cardano spiked more than 60%, according to CoinGecko data. Bitcoin climbed 10%, approaching $93,000 by Monday morning, while Ethereum gained 12%, reaching $2,500.
The rally highlights Trump’s growing influence over a sector that has flourished since his November election victory, when Bitcoin jumped 40% past $100,000—an ironic turnaround from his 2019 dismissal of crypto as “not money” and “based on thin air.”
More details are expected at Friday’s White House Crypto Summit, a first-of-its-kind event chaired by A.I. & Crypto Czar David Sacks and led by Working Group Executive Director Bo Hines.
“Attendees will include prominent founders, CEOs, and investors from the crypto industry,” the White House confirmed, per The Hill, signaling Trump’s commitment to engaging top digital asset leaders.
The summit follows his January executive order reversing Biden’s regulatory crackdowns, which had targeted crypto firms over fraud and money-laundering concerns.
Trump has compared the rise of crypto to the steel industry’s boom a century ago, envisioning the U.S. as a global leader in digital assets. The reserve—potentially backed by seized assets or new acquisitions—aims to function similarly to strategic stockpiles like oil, though details remain unclear.
Treasury Secretary Scott Bessent has hinted at the economic implications, while border czar Tom Homan has linked reductions in illegal crossings—down 95% in February—to broader policy successes.
While the crypto market, recently shaken by volatility, has embraced Trump’s plan as a lifeline, some skeptics question whether it represents a genuine policy shift or a populist maneuver. Trump’s 2024 campaign has strongly championed cryptocurrency, and his family’s involvement in memecoins has fueled speculation about financial motives.
For now, with Bitcoin hovering at $93,000 and anticipation building for the summit, Trump’s crypto reserve initiative is reshaping the digital landscape—one soaring asset at a time.
