Trump's Bitcoin Bet: U.S. to Create Crypto Reserve, Sparking Market Surge
1min read President Donald Trump is set to unveil a significant shift in cryptocurrency policy this week, including plans for a Bitcoin strategic reserve. The announcement is expected to be made at the White House Cryptocurrency Summit, chaired by Trump's AI and crypto czar, David Sacks.
The strategic reserve is expected to include Bitcoin, Ethereum, XRP, Solana, and Cardano, among other cryptocurrencies. This move signals a significant shift in government policy toward digital assets and could position the United States as the "Crypto Capital of the World," as Trump has previously stated.
Trump's announcement comes amid a period of stagnation for Bitcoin and other cryptocurrencies, with prices having remained relatively flat since his inauguration. The news of the strategic reserve has sparked a rally in the crypto market, with Bitcoin surging 10% to reach about $95,000 on Sunday.
However, some industry experts have raised concerns about the inclusion of lesser-known and more volatile cryptocurrencies in the reserve. coinbase CEO Brian Armstrong and Bitwise portfolio manager Jeff Park have both expressed skepticism about the decision, arguing that focusing solely on Bitcoin would be the simplest and most straightforward option.
The details of the policy remain unclear, and many questions remain unanswered, such as how the government will fund the reserve and how it will be technically implemented. The White House Crypto Summit on Friday is expected to provide more clarity on the matter, but it remains to be seen whether the answers will be sufficient to allay the concerns of industry experts and investors.
