The cryptocurrency and Bitcoin markets experienced a notable uptick on Wednesday, fueled by news that the Trump administration is set to announce details regarding its national strategic crypto reserve later this week.
US Secretary of Commerce Howard Lutnick ignited excitement among crypto investors when he indicated that President Donald Trump would provide additional insights into the reserve during a summit at the White House on Friday.
Lutnick Highlights Trump’s Commitment To Bitcoin Strategic Reserve
“A Bitcoin strategic reserve is something the president’s interested in,” Lutnick told independent news outlet The Pavlovic Today. He emphasized that Trump had discussed the initiative extensively during his campaign, suggesting that concrete steps would be revealed at the upcoming event.
The crypto market, which has faced a challenging downturn in recent weeks, responded positively to Lutnick’s remarks. In just 24 hours, Bitcoin rose by 6%, while other cryptocurrencies mentioned in Trump’s crypto reserve announcement also saw significant gains: XRP increased by 4%, Solana by 5%, and Cardano by 12%.
Lutnick’s comments followed Trump’s announcement on his social media platform, Truth Social, that the proposed crypto reserve would encompass not only Bitcoin and Ethereum but also other cryptocurrencies like Solana, XRP, and Cardano.
While this news initially boosted market sentiment—particularly for XRP, Solana, and Cardano—it has not been universally welcomed. Bitcoin maximalists, who advocate for Bitcoin as the sole cryptocurrency, expressed concerns about including other tokens in the reserve.
Anticipation Grows For Friday’s Crypto Summit
In his remarks on Wednesday, Lutnick hinted at a special status for Bitcoin within the reserve framework. “The President definitely thinks that there’s a Bitcoin strategic reserve,” he stated.
However, the Secretary of Commerce also acknowledged during his remarks the complexities involved in integrating other cryptocurrencies, indicating that a comprehensive model for their inclusion would be unveiled on Friday.
The summit will convene prominent industry leaders to discuss cryptocurrency policy, including Coinbase CEO Brian Armstrong, Chainlink Labs CEO Sergey Nazarov, and Strategy Executive Chairman Michael Saylor.
Trump will co-host the event alongside David Sacks, the White House’s czar for AI and crypto, and Bo Hines, executive director of the President’s Working Group on Digital Assets.
If Trump delivers a detailed plan for the national crypto reserve during the summit, it could fundamentally alter institutional perceptions of cryptocurrency as an investment vehicle.
Les Borsai, a government crypto advisor and co-founder of asset management firm Wave Digital Assets, remarked to Fortune that an official announcement would elevate cryptocurrencies from an alternative asset class to a strategic national resource. “Legitimizing digital assets in this way would be unprecedented and could reshape the landscape of investment and regulation,” he noted.
As anticipation builds for Friday’s summit, all eyes will be on the Trump administration’s plans. The outcome may not only influence market dynamics but also establish a new paradigm for how cryptocurrencies are integrated into the broader financial ecosystem.
At the time of writing, BTC is trading at $85,990, with almost no change in price over the past 24 hours.
Featured image from DALL-E, chart from TradingView.com
