Crypto Prices Spike as Trump Declares Bitcoin, Ether and Major Altcoins as Reserve Assets

Cryptocurrency prices surged on Monday after President Donald Trump announced that Bitcoin, Ether and several other digital assets would be included in a new US strategic reserve.

The move marks a dramatic shift in the government’s approach to digital assets, reinforcing their growing role in global finance.

In a post on Truth Social, Trump revealed that his January executive order on digital assets would establish a reserve featuring Bitcoin, Ether, XRP, Solana and Cardano. Although the order was public, the included assets were undisclosed until now.

Trump added that Bitcoin and Ether would serve as the reserve’s foundation, signaling a major endorsement of the two largest cryptocurrencies.

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.

— David Sacks (@davidsacks47) March 2, 2025

Bitcoin Rebounds, Altcoins Surge as Trump’s Crypto Strategy Fuels Optimism

The announcement sparked a sharp rally in the crypto market. Bitcoin jumped 8% to $93,007, reversing weeks of losses. It also recovered from its lowest point since November. Ether followed, rising 9.7% to $2,438. XRP surged even higher, soaring 24.5% to $2.80. The entire crypto market gained nearly 8%.

Other major altcoins also benefited from the bullish momentum. Solana jumped 18.7% to $170.27, Cardano spiked 58.8% to $1.07 and Dogecoin gained 10.7% to $0.22. The widespread rally suggests renewed investor confidence, particularly after concerns that Trump’s administration might not follow through on its crypto-friendly campaign rhetoric.

Turning Government-Held Crypto into a National Reserve

Trump’s support for Bitcoin as a reserve asset builds on his earlier campaign pledge to retain all Bitcoin held by the US government, rather than selling off confiscated crypto as previous administrations had done. The government currently holds an estimated 200,000 BTC, valued at approximately $19b, mostly seized in law enforcement actions.

Upon taking office in Jan. 2025, Trump signed an executive order directing a working group to explore the feasibility of a national digital asset stockpile, with Bitcoin at its core. The goal, according to administration officials, is to leverage digital assets to help manage the US’ staggering $36t national debt while positioning the country as a global leader in crypto adoption.

Trump’s Crypto Policy Faces Debate

The announcement drew mixed reactions from financial and political figures. Eric Trump, executive vice president of the Trump Organization, praised the decision on X, calling it a “genius” move.

“Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday, 9 to 5,” he said.

I love the genius of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps. For the first time, retail investors win. Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday,… pic.twitter.com/EPtbEisbdI

— Eric Trump (@EricTrump) March 3, 2025

However, not everyone is convinced. Bitwise’s Jeff Park warned that the plan could be a “huge political miscalculation.” He argued that focusing on multiple cryptocurrencies—rather than solely on Bitcoin—dilutes the strategic reserve’s effectiveness and could introduce unnecessary volatility.

With Trump’s crypto policy becoming clearer, markets are likely to see further volatility as investors react to shifting government priorities.

For now, the crypto market appears to be celebrating—but how long the rally lasts will depend on the next steps from policymakers and regulators.