US presidential son Eric Trump urged the traditional financial sector and Wall Street to evolve and embrace cryptocurrencies before they get left behind.
Trump made the remark after his father, US President Donald Trump, announced that the US government is moving towards the creation of a Strategic Crypto Reserve.
Cryptos Are Imperative
Trump believed that it is imperative for traditional financial institutions to adopt cryptocurrencies, arguing that the evolution of finance revolves around digital assets.
The Executive Vice President of the Trump Organization told Wall Street that it should adopt cryptocurrencies or “become extinct,” adding that cryptos like Bitcoin are inevitable.
“For the first time, retail investors win. Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday, 9 to 5,” Trump said in a post.
He praised the timing of the crypto reserve announcement, considering it a well-timed declaration.
“I love the genius of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps,” he added.
I love the genius of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps. For the first time, retail investors win. Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday,… pic.twitter.com/EPtbEisbdI
— Eric Trump (@EricTrump) March 3, 2025
Strategic Crypto Reserve
President Trump announced that the Presidential Working Group on Digital Asset Markets is taking crucial steps to make the crypto reserve a reality.
The group was created through an executive order after Trump reclaimed the White House office with the primary task of looking into how to create the crypto reserve.
A US 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,” Trump said.
Reports said that the planned Strategic Crypto Reserve will be composed of Bitcoin, Ethereum, XRP, Solana, and Cardano, adding, “BTC and ETH, as other valuable Cryptocurrencies, will be ‘at the heart’ of the Reserve.”
The US President floated the idea of a crypto reserve last year in Nashville, Tennessee. After he won the election, the proposed strategic Bitcoin reserve gained a lot of traction.
Total crypto market cap currently at $3 trillion. Chart: TradingView In recent days, some said that the proposed Bitcoin reserve is among the promises made by Trump that have yet to materialize. Now, with this announcement, it seems the crypto reserve might become a reality under his administration.
Not Everyone Is Happy
The market reacted positively to Trump’s announcement with all five cryptocurrencies included in the Strategic Crypto Reserve surging.
Bitcoin went up by 10%, recovering from a three-month low of under $80,000 while Ethereum increased by 13%. Cardano posted the biggest win among the cryptos after recording a hike of more than 60%.
However, not everyone is delighted with the planned crypto reserve. Enclave Group vice president Adam Blumberg doubted if the US government should be holding digital assets.
“I just don’t like the idea of the U.S. government, or any government, owning the most decentralized asset ever. That’s not what it was created for [and puts] too much power in the hands of the federal government, which is always in a 4-year, or even 2-year, cycle,” Blumberg argued.
Featured image from Pixabay, chart from TradingView
