- Trump designates Solana, Cardano, XRP, Ethereum, and Bitcoin as strategic reserves.
- The news causes Bitcoin and Ether to surge by almost 10%.
- Trump has acted swiftly to support the policy interests of the cryptocurrency business.
Reuters, March 2, West Palm Beach, Florida The market value of each cryptocurrency surged on Sunday when U.S. President Donald Trump revealed on social media the names of five digital assets he plans to put in a new U.S. strategic reserve.
In a post on Truth Social, Trump claimed that his executive order on digital assets from January would result in a currency hoard that would include bitcoin, ether, XRP, solana, and cardano. Previously, the names had not been revealed.
Trump made the following statement more than an hour later: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”
At $94,164 on Sunday afternoon, Bitcoin, the biggest cryptocurrency in the world by market value, was up more than 11%. At $2,516, ether, the second-biggest cryptocurrency, was up over 13%.
According to bitcoin monitoring and analysis firm CoinGecko, the overall cryptocurrency market has increased by almost 10%, or more than $300 billion, in the hours following Trump’s pronouncement.
The cryptocurrency coin of Ripple Labs is called XRP. According to Reuters, Ripple supported a so-called super PAC to sway the November congressional elections in favor of the cryptocurrency sector.
Federico Brokate, the president of U.S. business at 21Shares, an investment management company for digital assets, said, “This move signals a shift toward active participation in the crypto economy by the U.S. government.” “It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation.”
The inclusion of digital assets other than bitcoin in the reserve startled James Butterfill, head of research at asset management CoinShares.
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