Bitcoin, Ethereum, XRP, Solana, and Cardano Gain Presidential Endorsement
United States President Donald Trump has named Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) as cryptocurrencies he wants included in a new national strategic reserve. His announcement, made via social media, sparked a rapid surge in crypto prices, with some tokens jumping by over 60%.
The move is part of Trump’s broader effort to position the U.S. as “the Crypto Capital of the World”. More details are expected during the first White House Crypto Summit on March 7, where industry leaders will discuss regulatory policies and the future of digital assets in the country.
Trump’s Shift Toward Crypto Adoption
Trump has undergone a notable shift in his stance on crypto. In 2021, he called Bitcoin a “scam” during an interview with Fox News. However, his campaign strategy has aggressively courted the crypto community, contrasting with the Biden administration’s regulatory crackdown on digital assets.
On Sunday, Trump signed an executive order directing the Presidential Working Group on Digital Assets to move forward with the creation of a Crypto Strategic Reserve. His post explicitly mentioned XRP, Solana, and Cardano, followed by a later update confirming that Bitcoin and Ethereum would also be “at the heart of the Reserve.”
His previous executive order on January 23 had already instructed the group to evaluate the feasibility of a national digital asset stockpile. However, its vague wording and inclusion of multiple digital assets frustrated Bitcoin maximalists, who wanted a Bitcoin-only reserve.
Price Reactions and Market Impact
Following Trump’s announcement, the crypto market responded swiftly:
- XRP, Solana, and Cardano saw price jumps of up to 62%.
- Bitcoin and Ethereum surged by over 10%.
- The broader crypto market entered a new bullish phase, reversing recent declines.
Trump’s stance has added new political momentum to crypto, setting the stage for a policy shift that could favor digital assets under his administration.
Regulatory Implications and Next Steps
Despite Trump’s executive order, key details remain unclear, including:
- How the reserve will be funded—whether through government acquisitions or seized assets.
- If congressional approval is required to create such a stockpile.
- How regulations will evolve under a pro-crypto White House.
Trump has also banned research and development of a central bank digital currency (CBDC) in the U.S., reinforcing his administration’s anti-CBDC stance while promoting decentralized digital assets.
Industry experts and policymakers will discuss these issues at the upcoming Crypto Summit, which could shape the next phase of U.S. crypto policy.
Community Reaction
The first person to pounce on the update was of course Eric Trump, who’s probably the most bullish Trump out there. He again took a shot at TradFi and pushed the crypto narrative. The reaction from the crypto community has been very positive after weeks of bad market action with some skeptics here and there as always.
