U.S. President Donald Trump has announced the selection of five cryptocurrencies for his proposed national digital asset reserve, causing their values to surge. In a statement on his Truth Social media platform, Trump revealed that Ethereum, Bitcoin, Solana, Cardano, and XRP will be part of the “Cryptocurrency Strategic Reserve.”
The announcement follows an executive order Trump signed in January which aimed to explore the establishment of a national stockpile of digital assets. He emphasized that the move would strengthen the cryptocurrency sector, which he claims suffered from unjust policies under the previous administration.
Following the announcement, Cardano’s price spiked by over 70%, while Solana and XRP saw increases exceeding 20% and 30%, respectively. Ethereum and Bitcoin, which were not initially mentioned in Trump’s post but later confirmed to be included, also experienced gains of over 10%.
Despite the excitement, details on how the reserve will operate remain unclear. Some crypto supporters expressed concerns over the term “stockpile” in Trump’s executive order, fearing it suggests the government may only retain existing holdings rather than actively purchasing more assets.
Legal and financial experts remain divided on whether congressional approval is required to establish the reserve. Some argue that it could be set up using the U.S. Treasury’s Exchange Stabilization Fund, which manages foreign currency transactions.
Trump’s stance on cryptocurrency has shifted significantly from his previous term when he dismissed Bitcoin as a “scam.” During his 2024 campaign, he positioned himself as a strong advocate for digital assets, vowing to make the U.S. the top hub for crypto innovation. Since taking office, his administration has taken steps to ease regulations imposed during Biden’s presidency.
Market analysts suggest that for the crypto industry to sustain its momentum, it needs significant policy changes, such as lower interest rates from the Federal Reserve or clear regulatory support from the government.
Regulatory filings indicate that hedge funds remain the primary buyers of cryptocurrencies, though sovereign wealth funds and banks have also begun investing. Recent filings reveal that asset managers increased their exposure to U.S. Bitcoin ETFs in the final quarter of 2024.
The SEC recently dropped civil charges against Coinbase, the largest US-based crypto exchange, after pausing enforcement actions against Uniswap, Binance, Robinhood, and OpenSea.
In another major development, Trump is set to host the first-ever White House Crypto Summit, an event that is expected to shape the administration’s approach to digital assets. Industry players like HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) will be eager to find out the outcomes of this summit and how it could reshape the crypto landscape in the country.
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