Late yesterday (March 2) Vietnam time, on the social network Truth Social, US President Donald Trump said that he had directed the President's Working Group on cryptocurrency to establish the United States cryptocurrency Strategy Reserve Fund.
Initially, the fund will include cryptocurrencies such as Solana (SOL), Ripple (XRP) and Cardano (ADA). He added Bitcoin (BTC) and Ethereum (ETH) to the list shortly thereafter.
The fund's goal is to elevate the US's position in the cryptocurrency industry, with the ambition to turn the country into the "ptpt. capital of the world".
The announcement came just days before President Trump held a cryptocurrency Summit at the White House, where he will meet with prominent founders, executives and investors in the industry.
Immediately, the cryptocurrency market reacted strongly in a positive direction.
Over the past 24 hours, Bitcoin (BTC) has increased by more than 8.5%, reaching 93,611 USD, while Ethereum (ETH) also recorded an increase of 11.34%, reaching 2,473 USD.
Not only Bitcoin, a series of other altcoin coins also increased sharply. Cardano (ADA) led the growth momentum with an increase of 67.85%, bringing the price of this currency to 1.1048 USD. XRP, one of the currencies in Trump's strategic reserve portfolio, also rose 31.51%, to $2.88.
Along with that, Solana (SOL) increased by more than 20%, reaching 174.82 USD, while Dogecoin (DOGE) also increased by 14.42%, reaching 0.236 USD. A cryptocurrency called TRUMP, which is associated with US President's political statements, also saw a significant increase of 23.66%, to $16.57.
Mr. Trump's move is considered a turning point for cryptocurrency policy in the US. He pledged to make the country the ptrive capital of the world, paving the way for the recognition of cryptocurrencies in the financial system. Previously, the digital currency market was under great pressure from the tightening policies of the current government.
Analysts say that if this trend continues, the cryptocurrency market could enter a new price increase cycle, with Bitcoin and strategic altcoin such as XRP, SOL, ADA continuing to benefit.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods.
However, in the recently issued Directive No. 05/CT-TTg, Prime Minister Pham Minh Chinh directed the Ministry of Finance and the State Bank to submit a proposal for a legal framework on digital currency in March.
