Bitcoin price breaks $93K: Trump declares ‘US will be crypto capital of the world’ with new Crypto Strategic Reserve

President Trump pledges to make US the world’s crypto capital

US President Donald Trump has shaken up the cryptocurrency market with the announcement of a US Crypto Strategic Reserve. In a social media post on Sunday, he revealed that XRP, Solana, and Cardano would be included in the reserve, triggering a market rally. The move aligns with his broader plan to position the US as the global leader in digital assets.

A Shift in Crypto Policy

The announcement marks a stark contrast to the Biden administration’s approach, which imposed strict regulations on the sector. Trump, who received significant backing from crypto executives during his 2024 campaign, has positioned himself as a champion of the industry. “I will make sure the US is the Crypto Capital of the World,” he declared on Truth Social.

Market Reaction: Crypto, Bitcoin Prices Surge

Trump’s statement had an immediate impact on the crypto market. Bitcoin soared past $93,000, compared to its earlier level of $85,166. Ethereum also saw gains, rising 13% to $2,443. Meanwhile, Solana surged 18% to $175.46, XRP climbed 31% to $2.92, and Cardano saw the biggest leap, jumping 71% to $1.10, according to CoinMarketCap data.

How Will the Crypto Reserve Work?

While the market responded positively, there are still many unanswered questions about how the reserve will function. Some experts speculate it could be funded through the US Treasury’s Exchange Stabilisation Fund. Others suggest it might involve assets seized in law enforcement actions.

There is also legal uncertainty over whether Trump can establish the reserve without congressional approval. His administration, however, appears to be moving ahead regardless. A White House Crypto Summit is scheduled for Friday, and Trump’s family has reportedly launched its own cryptocurrency.

Bitcoin and Ethereum’s Role in the Reserve

Beyond the inclusion of XRP, Solana, and Cardano, Trump also reiterated his support for the two largest cryptocurrencies. “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!” he stated.

Trump’s announcement has injected fresh energy into the crypto market, but experts caution that sustained growth will depend on regulatory clarity and Federal Reserve policy. Whether the reserve marks the beginning of a new financial era or just another market jolt remains to be seen.

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( Originally published on Mar 03, 2025 )

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