Bitcoin Soars to $94K as Trump Unveils U.S. Crypto Strategic Reserve

• Trump’s announcement of a U.S. Crypto Strategic Reserve sent Bitcoin soaring past $94K, liquidating $160 million in short positions.
• The reserve will reportedly include BTC, ETH, XRP, SOL, and ADA, marking a major policy shift.
• A White House Crypto Summit will bring industry leaders together to discuss funding and U.S. crypto leadership.

President Donald Trump unveiled a Crypto Strategic Reserve, sending Bitcoin soaring past $94,000 and triggering the liquidation of $160 million in short positions, according to Coinglass data.  

The announcement via Trump’s favored platform, Truth Social, detailed his executive order on digital assets, which directs the Presidential Working Group to establish the reserve. The reserve will reportedly include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).  

In his post, Trump emphasized his commitment to making America the leading hub for cryptocurrency innovation:  

“My Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN! Obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”

This move builds on his earlier speech at the Nashville Bitcoin Conference in July 2024, where he first floated the idea of a Bitcoin national reserve though, at the time, he only mentioned BTC. It was also during this event that Trump dubbed himself the “crypto president.”  

Bitcoin Bounces Back! White House Fuels Surge

The crypto market responded with a massive rally following the announcement, providing relief after weeks of declining prices and risk-off sentiment. BTC surged 10% to $94,000, while Ethereum (ETH) jumped 11% to $2,500. Solana (SOL) saw an impressive 20% spike to $169, and XRP rallied 30% to $2.80.

However, Cardano (ADA) led the surge, soaring 60% to $1.02. The sharp rebound came after Bitcoin, which started the year at $109,000, plummeted below $80,000 last week due to a broad sell-off in risk assets and a $1.5 billion security breach at Bybit.

Trump announced the first-ever White House Crypto Summit on Friday, aiming to boost crypto legitimacy. Industry leaders like Tyler and Cameron Winklevoss (Gemini), Brian Armstrong (Coinbase), Brad Garlinghouse (Ripple), and Charles Hoskinson (Cardano) will attend, highlighting crypto’s growing mainstream influence.  

The summit is expected to address how the U.S. Crypto Reserve will be funded. One speculation is that the government could utilize its massive BTC holdings over 180,000 BTC worth approximately $18 billion which were seized from cybercriminals and darknet operations. Historically, these holdings have been auctioned off to private investors, but the administration’s next move remains uncertain.  

Trump’s Bitcoin Bet Revolution or Hype

Following Trump’s announcement, White House Crypto Czar David Sacks, a long-time Bitcoin investor, reassured the crypto community:  

“President Trump has announced a Crypto Strategic Reserve consisting of Bitcoin and other top cryptocurrencies. This is consistent with his week-one E.O. 14178. President Trump is keeping his promise to make the U.S. the ‘Crypto Capital of the World.’ More to come at the Summit.”

However, not everyone is convinced. Arthur Hayes, BitMEX’s outspoken co-founder, dismissed the announcement, saying:  

“Nothing new here. Just words. Lmk when they get congressional approval to borrow money and or revalue the gold price higher. Without that, they have no money to buy Bitcoin and shitcoins.”

Meanwhile, veteran Bitcoin critic Peter Schiff questioned why altcoins were included at all:  

“I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. BTC is digital gold. So let’s create a Bitcoin reserve too. But what’s the rationale for an XRP reserve? Why the hell would we need that?”

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