Trump Announces U.S. Cryptocurrency Reserve, Boosting Market Values
U.S. President Donald Trump announced plans for a strategic cryptocurrency reserve that will include Bitcoin, Ethereum, XRP, Solana, and Cardano. This revelation led to a significant increase in their market values.
Key details include:
- Trump disclosed the asset names on March 2 through social media.
- The announcement followed an executive order from January aimed at establishing the reserve.
- Bitcoin rose over 11%, reaching $94,164, while Ethereum increased approximately 13% to $2,516.
- The total cryptocurrency market value grew by about 10%, adding over $300 billion.
In response, analysts suggested this move indicates a shift in U.S. government policy towards cryptocurrency, potentially enhancing institutional adoption and regulatory clarity. Trump's upcoming White House Crypto Summit may further influence the market.
Analyst predictions suggest Bitcoin could approach $500,000 during Trump's term. There is ongoing discussion regarding whether congressional action is needed for the reserve's establishment, though some propose it could be managed by the Treasury.