President Trump announced the creation of a strategic crypto reserve that will include Ethereum, Solana, XRP, and Cardano. This move is aimed at elevating the industry after what he described as years of corrupt attacks under the Biden administration. Unlike traditional reserves, this crypto reserve will resemble an active portfolio of speculative assets. The market reacted instantly to the news, with Bitcoin and Ethereum surging over 10% and Cardano spiking as much as 70%. Investors are getting back into long positions, and attention now turns to Friday’s White House crypto summit where the president, regulators, and industry leaders will discuss next steps. There are concerns about the government picking favorites and managing the portfolio, especially with the choice of Cardano and Solana in the reserve. Cardano and Solana offer faster and cheaper alternatives for facilitating payments compared to Bitcoin and Ethereum. XRP, backed by the Ripple team, donated $5 million in XRP tokens. President Trump also has a connection to both Solana and XRP, with Solana being the blockchain used to build his meme token.
