Trump names cryptocurrencies for new strategic reserve
Crypto prices jump after US president picks digital tokens, with bitcoin and ethereum at ‘the heart of the reserve’
02 March 2025 - 21:58
byTrevor Hunnicutt
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US President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House. Picture: REUTERS/KEVIN LAMARQUE
West Palm Beach, Florida — US President Donald Trump announced the names of three cryptocurrencies to be included in a new US crypto strategic reserve on Sunday, spiking the value of each in market trading.
Trump said on social media that his January executive order on digital assets would create a stockpile of currencies including XRP (Ripple), SOL (Solana) and ADA (Cardano). Bitcoin and ethereum would be “the heart of the reserve”, he said.
Bitcoin rose 10% to $93,883.80 while ethereum gained 13% to $2,477.46, according to CoinDesk. Other assets rose between 10% and 35% in trading on Sunday.
Trump said his order “directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL and ADA. I will make sure the US is the crypto capital of the world.”
The Republican president won support from the crypto industry in his 2024 election bid, and he has quickly moved to back their policy priorities. Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in a bid to protect Americans from fraud and money laundering.
In recent weeks though, cryptocurrency prices are down sharply, with some of the biggest digital currencies erasing nearly all of the gains made after Trump’s election win triggered a wave of excitement across the industry.
Analysts say the market needs a reason to move higher, such as indications that the US Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.
Trump is hosting the first White House Crypto Summit on Friday. His family has also launched its own coins.
It’s not clear how the new stockpile will be set up or work.
Analysts and legal experts are divided on whether an act of Congress will be necessary. Some have argued the reserve could be created via the US treasury’s exchange stabilisation fund, which can be used to purchase or sell foreign currencies.
Trump’s crypto group had planned to look at potentially creating the stockpile with cryptocurrencies seized in law enforcement actions.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Trump names cryptocurrencies for new strategic reserve
Crypto prices jump after US president picks digital tokens, with bitcoin and ethereum at ‘the heart of the reserve’
West Palm Beach, Florida — US President Donald Trump announced the names of three cryptocurrencies to be included in a new US crypto strategic reserve on Sunday, spiking the value of each in market trading.
Trump said on social media that his January executive order on digital assets would create a stockpile of currencies including XRP (Ripple), SOL (Solana) and ADA (Cardano). Bitcoin and ethereum would be “the heart of the reserve”, he said.
Bitcoin rose 10% to $93,883.80 while ethereum gained 13% to $2,477.46, according to CoinDesk. Other assets rose between 10% and 35% in trading on Sunday.
Trump said his order “directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL and ADA. I will make sure the US is the crypto capital of the world.”
The Republican president won support from the crypto industry in his 2024 election bid, and he has quickly moved to back their policy priorities. Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in a bid to protect Americans from fraud and money laundering.
In recent weeks though, cryptocurrency prices are down sharply, with some of the biggest digital currencies erasing nearly all of the gains made after Trump’s election win triggered a wave of excitement across the industry.
Analysts say the market needs a reason to move higher, such as indications that the US Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.
Trump is hosting the first White House Crypto Summit on Friday. His family has also launched its own coins.
It’s not clear how the new stockpile will be set up or work.
Analysts and legal experts are divided on whether an act of Congress will be necessary. Some have argued the reserve could be created via the US treasury’s exchange stabilisation fund, which can be used to purchase or sell foreign currencies.
Trump’s crypto group had planned to look at potentially creating the stockpile with cryptocurrencies seized in law enforcement actions.
Reuters
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