The cryptocurrency industry has been in a frenzy after President Donald Trump announced plans to create a “crypto strategic reserve,” a move that could fundamentally reshape the market. The proposal, which would see the U.S. government buy and manage crypto assets, has sparked debate across the industry.
Bitcoin Foundation President Brock Pierce made evaluations on the subject by participating in the “Varney & Co.” Pierce described the initiative as a historic moment that could change the perception and adoption of cryptocurrencies around the world.
While Bitcoin advocates argue that the reserve should consist solely of BTC, others are pushing for a diversified approach. “Bitcoin is often thought of as digital gold, which makes it the obvious choice for a government reserve,” Pierce said. However, Trump’s advisors are reportedly considering including multiple cryptocurrencies, including Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), a move that has drawn both support and criticism.
Following the announcement, Cardano saw a significant price increase of 30-40% in the past week, while Ethereum saw an unexpected drop of 10%. Market reactions suggest that investors are weighing the potential impact of government intervention in crypto asset management.
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The announcement comes amid shifting regulatory stances. The Senate recently voted to repeal a Biden-era rule requiring certain cryptocurrency platforms to report transactions to the IRS, a decision that was welcomed by many in the crypto community. Pierce expressed relief at the reduction of regulatory burdens, saying, “I am happy to see this country moving forward on the path of life, liberty and the pursuit of happiness.”
Adding to this momentum, the White House will host the first crypto summit on March 7, 2025. Industry leaders, government officials, and blockchain innovators are expected to come together to discuss the future of digital assets in the U.S. economy. “This is the moment we’ve all been waiting for,” Pierce said. “March 7 will be remembered as the day the U.S. officially embraced crypto.”
The cryptocurrency meeting will be held between 21:30 and 01:30 Türkiye time (UTC+3).
Pierce will attend and host a post-summit event, saying the summit could shape the direction of the industry. While the details of the strategic reserve remain unclear, more details are expected to emerge at the meeting.
*This is not investment advice.
