Alan Sudderman
Cryptocurrency prices have skyrocketed after President Donald Trump’s surprise announcement hopes that the US government will buy and hold various digital assets at the Strategic Reserve Fund.
Trump said on social media on Sunday that his administration is working on creating a “cryptometric sanctuary” that includes the little-known cryptocurrency XRP, Solana and Cardano. He later followed a separate post that his planned reserves also included two of the most popular cryptocurrencies, Bitcoin and Ether.
The announcement helped rebound crypto prices at least temporarily after the recent sale. Bitcoin was trading around $90,000 on Monday morning after falling below $80,000 last week. XRP, Solana and Cardano saw massive spikes in prices after Trump announced on Sunday, after a gradual decline until Monday morning.
On the campaign trail, Trump pledged to support a “strategic national Bitcoin” stockpile, including the bitcoin that the US government seized in law enforcement action earlier. Sunday’s announcement was the first time he advocated that the government would hold other types of cryptocurrency.
The White House did not immediately provide additional details, such as what each type of cryptocurrency Trump wanted to hold in the US, how the government would acquire them, and whether he would prefer to include other types of cryptocurrencies.
The president’s son, Eric Trump, said the price rise has verified that his recent advice on social media is inventing crypto assets. “Hopefully, I’ve made someone’s life a little better,” he posted on social media.
The president has acquired a position as a hero in the crypto industry and in his announcement he said he was the target of “year of corrupt attacks by the Biden administration.” The crypto industry felt unfairly targeted by the Biden administration, and spent a lot of money on Trump winning the election. In the first weeks of his administration, he has seen several moves to boost the code, including the termination or suspension of famous enforcement actions by the Securities and Exchange Commission.
After Trump’s victory last year, crypto prices skyrocketed, and in early December, when Bitcoin prices first exceeded $100,000, Trump took credit and posted, “You’re welcome!!!” On social media.
However, prices have fallen since Trump’s inauguration, and Trump has faced criticism from allies within the crypto industry, and has since helped launch a personal meme coin just before the value collapsed. The crash of meme coins linked to First Lady Melania Trump and Argentine President Javier Miley, as well as the massive hack of the major cryptocurrency exchange that the FBI said was made by North Korea, has also blew its enthusiasm for crypto.
“If Trump is Cryptoking, why do toilets have codes?” influencer and crypto enthusiast Dave Portnoy told social media last week.
Including cryptocurrencies other than Bitcoin could face a sustained pushback among several corners of the heavily split cryptocurrency industry. Bitcoin is the oldest and most popular cryptocurrency, accounting for more than half of the world’s global crypto market capitalization.
Government supporters who prepare for cryptographic purposes said it would help diversify government holdings and hedge hedges against financial risks. Critics say cryptocurrency volatility makes them inadequately selective as a reserve asset.
In addition to his announcement on Sunday, Trump recently announced that he will speak at the White House “Crypto Summit” on Friday to host industry leaders.
Original issue: March 3, 2025 11:57am EST
