Trump Announces Plan for U.S. Strategic Crypto Reserve Including Multiple Assets
U.S. President Donald Trump announced a strategic crypto reserve plan that includes assets such as XRP, ADA, SOL, BTC, and ETH. This initiative has been part of his 2024 presidential campaign discussions.
Key points from the announcement include:
- Trump signed an executive order directing a working group to evaluate a national digital asset stockpile.
- The group will host a summit on March 7 with industry and government representatives.
- Markets reacted positively, with ADA and XRP increasing by up to 60%, and BTC surpassing $93,000.
- Traders are cautious about market exposure until more details are provided.
Industry leaders' reactions highlight varying perspectives:
- Hunter Horsely, CEO of Bitwise, advocates for Bitcoin as the primary reserve asset.
- Brad Garlinghouse, CEO of Ripple Labs, emphasizes collaboration within the industry.
- Brian Armstrong, CEO of Coinbase, suggests either Bitcoin or a market cap weighted index of crypto assets for diversification.
- Peter Schiff questions the inclusion of XRP in the reserve.
- Arthur Hayes, founder of BitMEX, expresses skepticism regarding funding for the reserve.
- Tracy Jin, COO of MEXC, notes the potential benefits of legitimizing cryptocurrencies and improving regulatory clarity.
Historically, strategic reserves have influenced commodity demand; a similar effect could occur for crypto assets with strong fundamentals.