Bitcoin jumps after Trump strategic reserve announcement

The Hill ^ | 3/3/2025 | Miranda Nazzaro

[Miami Rebel]

The cryptocurrency market surged over the weekend after President Trump announced his plans to create a strategic crypto reserve and hinted at details about the highly anticipated plan.

Bitcoin surged from nearly $85,000 to $94,000 on Sunday in the hours following Trump’s announcement on Truth Social. As of Monday, Bitcoin was trading at more than $91,400, marking a drastic increase from its three-month low of nearly $78,000 last Friday, according to CoinMarketCap

In a Truth Social post Sunday morning, Trump said a U.S. “crypto reserve” will “elevate this critical industry after years of corrupt attacks by the Biden administration.”

“Which is why 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,” the president continued. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”

“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve,” he said in a follow-up post. “I also love Bitcoin and Ethereum!”

Several of the other cryptocurrencies called out by Trump experienced similar jumps in the market on Sunday.

Ether surged by about 13 percent at just under $2,300 on Monday morning, while XRP was up more than 15 percent, trading at $2.57 during the same period.

The rally comes just days after multiple cryptocurrencies plunged amid concerns about a breach at ByBit, a major cryptocurrency exchange. North Korea hackers allegedly stole $1.5 billion worth of digital currency from the exchange, stirring uncertainty in the market.

Uncertainty surrounding the new administration might have also contributed to last week’s plunges, observers told CNBC, despite Trump’s repeated support for the industry.

Trump has promised to make the United States the “crypto capital of the world,” and signed an executive order on digital currencies during his first week of office. The order did not explicitly lay out plans for a strategic bitcoin reserve and the market began to lag with little catalyst to push prices back up.

David Sacks, Trump’s crypto and artificial intelligence (AI) czar, said more details on the reserve will be shared at the first White House Crypto Summit, scheduled for this Friday.

Summit attendees will include founders, CEOs and investors from the crypto industry, as well as members of the President’s Working Group of Digital Assets, the White House announced last week.

[Miami Rebel]

The article mentions the recent North Korean crypto heist. For a better understsnding of the Koreans' capacity for criminal mendacity, I recommend the BBC pocast series, "The Lazarus Heist." Aside for being super informative, it is also as thrilling as a good spy novel.

[aMorePerfectUnion]

(((CRYPTO PING!)))

If you would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[Vermont Lt]

I wonder if Trump will insert the “Trump Meme Coin” or “Doge” into the mix.

Gotta keep Baron and Eric in the black! And Elon will make billions if Doge is included.

Adding either of those things to the SCR would make it immediately a laughing stock.

[lee martell]

I’m grateful for a president who seems on top of the Bitcoin trend of new currency forms. I am still trying to wrap my mind around the concept of cyber monies, fungible assets and investments. Still mostly Greek to me, but I know it won’t be going away. Similar to the AI phenomenon.

[cgbg]

I posted on this before...

It is a brilliant way to default on the national debt with admitting you are defaulting on the national debt.

Here is how it works:

—Make foreign holders of US debt accept Bitcoin as payment when they seek to redeem the debt
—Have an army of propagandists convince them it is a great deal

Easy Peasy!

[Jonty30]

Cyber money is money that acts like an ethereal vault. As long as people see it as viable, they will buy e-currency in order to have a place to store money. However, it can disappear in an instant if people decide it no longer has value. It isn’t really an investment, as I understand it.

[BlueStateRightist]

Bitcoin really hasn’t “jumped” since the announcement. It’s back to $89,000, and well below its 52 week high of $109,000.

[EnderWiggin1970]

You have it backwards. People hold bitcoin and spend fiat currency because people want to get rid of crap money while holding stronger currency. We're not going to give away our bitcoin. Instead Trump will establish the reserve in a big way (he doesn't do stuff like this in half measures); then as BTC rises amidst the tightened supply, the increase in the balance sheet of the USG will prove it to be a huge bonanza for the federal government.

If Trump goes big enough with this we could see trillions in the national debt eliminated by the effects of taking a big position in crypto and then holding it, forcing prices higher with tightened supplies. (And then higher as some of the states and other nations that have been talking about this jump in). The USG would then enjoy better terms refinancing remaining debt due to the improved balance sheet.

And if DOGE can't win the battle against the Dems/bureaucrats and continued government spending does destroy the value of the dollar, the USG will be holding the asset that will replace dollars, since it's not like we are going to adopt Chinese currency or the Euro in that scenario. So a crypto reserve is a critical move from a number of angles.

[cgbg]

I think bitcoin is all smoke and mirrors—but at the end of the day it does not matter if we can use it to reduce the national debt.

[EnderWiggin1970]

The dollar is what is all smoke and mirrors. I have far greater confidence bitcoin will be around in 10 years than that the dollar will be.

[lee martell]

Intrinsic value, in other words.
Intrinsic, meaning it has the ‘value’ people have agreed to give it, at any particular time.

[cgbg]

If it works I am in favor of it—no agenda here.

[lee martell]

Creating a market for a widely accepted hypothesis.
A few steps away from buying and selling commodity futures.
Perhaps, just as with other kinds of Options, there is always the possible (urgent!) Margin Call, that nobody wants to receive.

At present, I don’t think any of the Cryptocurrencies are backed by the FDIC. So, there’s that.

[NoLibZone]

So which do I choose my portfolio or my country?

[Lazamataz]

Total nonsense. Bitcoin was at 106k not so long ago, 97k recently, and 83k as of today. It’s slumping.