US Crypto Reserve
Trump officially confirmed the creation of a U.S. Crypto Strategic Reserve—a first-of-its-kind initiative that aims to establish a government-backed reserve of digital assets. The market appreciated rapidly with the news.
Initially, Trump revealed that XRP, Solana (SOL), and Cardano (ADA) would be included in the reserve, prompting a massive surge in the value of these tokens. However, Bitcoin (BTC) and Ethereum (ETH) were not mentioned in the first announcement, which lead to some confusion among the crypto community. Others think that BTC and ETH were a given and Trump did not see the need to name these coins.
Trump is making it clear that his administration plans to position the US as the dominant global player in the digital asset space and that crypto is now at the center of American economic and political discourse.
Game Theory Incoming: For those not familiar with Game Theory it's a framework that analyzes how people, firms, or countries make strategic decisions and how others react and allow those decisions to impact their outcome. So once the biggest country in the World decides to create a crypto reserve other countries will not want to be left behind so they will move quickly to fall inline.
This post by David Sacks the Chair of the Digital Asset Working Group is also very encouraging and states more news is to come during the US Crypto Summit on Friday 3/7.
Quick Hits
- China holding close door meetings about their own Crypto Strategic Reserve.
- SEC delays Ether ETF options on CBOE for a second time, states new timeframe for decision to be in May.
- Metaplanet (MSTR of China) just bought another 2 billion in Bitcoin.
- Peter Schiff huge Gold maximalist and Bitcoin detractor, switch his position on Bitcoin and states "Bitcoin is Digital Gold, which is better than analog Gold. So let's create a Bitcoin reserve too".
- El Salvador bought more Bitcoin on the dip yesterday, not faded by the market drawdown.