KEYTAKEAWAYS
- Trump had previously stated that BTC, ETH, XRP, SOL, and ADA would be included in the US crypto asset reserve
- A “Gold + Dollar + Bitcoin” Mixed Reserve Model is Forming
- The US crypto asset reserve is accelerating the divergence of risk preferences in the crypto marke
CONTENT
From “Digital Gold” to National Strategic Asset
On March 7, 2025, U.S. President Trump signed an executive order officially establishing the “Strategic Bitcoin Reserve” (SBR) and the “U.S. Digital Asset Repository,” marking the first time Bitcoin has been incorporated into a national-level strategic asset system. This policy not only overturns traditional financial reserve logic but also pushes the United States to the forefront of global digital asset competition.
This article will analyze the strategic intentions and potential impacts of this historic decision from three aspects: the policy core, the evolution of Trump’s cryptocurrency policies, and multidimensional influences.
BUILDING AMERICA’S CRYPTO RESERVE SYSTEM AT ZERO COST
The Trump administration’s Bitcoin strategic reserve policy is centered on the core principle of “not increasing taxpayer burden.” Through legal authorization and asset restructuring, the construction of the reserve system includes the following key mechanisms:
Reserve Sources: Criminal and Civil Forfeited Assets
The reserve’s initial capital comes from approximately 200,000 bitcoins (valued at about $17.3 billion) confiscated by the U.S. government through law enforcement actions. These assets mainly come from crackdowns on darknet transactions, money laundering, and other criminal activities (such as the “Silk Road” case). The executive order clearly stipulates that the reserve will only accept confiscated assets and will not actively purchase new coins, avoiding direct market intervention.
Management Mechanism: Treasury-Led Long-Term Holding Strategy
- Ban on Selling: Bitcoin in the reserve serves only as a store of value and cannot be sold (except for specific legal procedures or victim compensation).
- Audit Requirements: The first comprehensive accounting of federally held digital assets, addressing previous “unaudited” transparency issues.
- Budget Neutrality: Authorizes the Treasury Secretary and Commerce Secretary to explore “zero fiscal burden” methods of acquiring Bitcoin, such as asset exchanges or reinvestment of forfeiture proceeds.
Extension Framework: Digital Asset Repository
In addition to Bitcoin, the repository will incorporate other confiscated cryptocurrencies (such as Ethereum, Ripple, etc.), but specific coin types and proportions have not been specified, raising market concerns about “selective inclusion.”
From an operational perspective, the American crypto reserve system converts existing law enforcement outcomes into strategic assets through institutional design, both avoiding fiscal pressure and providing leverage for the U.S. to seize digital financial discourse power.
THE EVOLUTION OF TRUMP’S CRYPTOCURRENCY POLICY EMBRACE
Looking back at his two terms, the Trump administration’s attitude toward cryptocurrencies has undergone a transformation from conservative to radical, with the following key milestones:
Early Position: Skepticism and Regulatory Tightening (2017-2023)
- In 2019, Trump publicly criticized Bitcoin as being “based on thin air,” and supported Treasury Secretary Mnuchin in strengthening anti-money laundering regulations.
- In 2021, the SEC continued to crack down on crypto projects, with platforms like Coinbase facing litigation pressure.
Campaign Pivot: Courting Web3 Voters (2024)
During the 2024 presidential campaign, the Trump team proposed a “crypto-friendly” platform, promising to ease regulations and support Bitcoin ETFs, successfully attracting political contributions from the crypto industry.
- May: Trump promised in a campaign speech that if elected president, he would support the development of America’s crypto industry
- June: Trump’s campaign team began accepting Bitcoin, Ethereum, and other cryptocurrencies as campaign donation methods.
- November: Trump won the presidential election, bringing a wave of growth to the crypto market
Governance Actions: Institutional Layout (2025)
- January: Signed an executive order establishing a “Digital Assets Working Group” to study reserve feasibility.
- January 18: Trump launched his personal Meme token called “TRUMP” to test market reaction.
- February: The Securities and Exchange Commission (SEC) reconsidered the regulatory framework for cryptocurrencies under government pressure
- March 2: Posted on social media plans to include BTC, ETH, XRP, SOL, ADA in the reserve, triggering a brief market surge.
- March 7: Formally signed the strategic reserve executive order, simultaneously announcing a White House crypto summit, convening leaders from Coinbase, Ripple, and other companies to discuss the regulatory framework.
Trump’s changing attitude toward cryptocurrencies reflects the evolution of his policy logic. During the 2024 campaign, Trump sought votes by supporting the crypto industry, especially appealing to young voters and tech elites. After returning to office, Trump recognized the potential of cryptocurrencies in reshaping the global financial order and attempted to consolidate America’s leading position in the digital finance field by establishing a reserve system.
RESTRUCTURING GLOBAL FINANCE AND THE CRYPTO ECOSYSTEM
The “Strategic Bitcoin Reserve” executive order signed by the Trump administration has not only sparked heated debate within the United States but has also triggered an in-depth discussion about the future role of digital assets globally. The impact of this policy extends far beyond the crypto market, touching multiple dimensions including fiscal policy, regulation, geopolitics, and technological innovation, and is reshaping the landscape of global finance and the crypto ecosystem.
For the United States: A Dual Game of Fiscal Risk and Regulatory Innovation
The BTC strategic reserve is viewed as a new decree for hedging U.S. fiscal risks. With U.S. national debt exceeding $34 trillion and fiscal deficit issues increasingly severe, the Trump administration’s inclusion of Bitcoin in national reserves is seen as an attempt to hedge against debt risks. Bitcoin’s scarcity (total supply of 21 million coins) and anti-inflation properties have led some to call it “digital gold.” However, Bitcoin’s high volatility also makes this strategy filled with uncertainty.
The Trump administration’s crypto policies are driving the transformation of the U.S. regulatory framework. A dual-layer regulatory architecture between federal and state governments is gradually becoming clear. For example, Texas’s “Bitcoin Reserve Bill,” which allows public funds to invest in cryptocurrencies, has become a model for state-level innovation.
Additionally, the White House crypto summit may lead to breakthroughs in stablecoin regulation. A “Fed-led + state-level compliance” stablecoin framework is being developed, aimed at strengthening the dollar’s competitiveness in the digital era. This framework not only provides a clear compliance path for stablecoin issuers but also lays the foundation for the dollar’s digitalization strategy.
Global Landscape: A “Gold + Dollar + Bitcoin” Mixed Reserve Model is Forming
After Trump’s return to power, the United States is attempting to weaponize crypto reserve policies, tariffs, and geopolitical conflicts (such as the Russia-Ukraine war) to strengthen its global economic dominance and further consolidate its geopolitical advantages. This strategy concerns not only financial competition but is also part of the global power game.
- El Salvador, as the first country in the world to adopt Bitcoin as legal tender, is accelerating its BTC holdings.
- Russia is exploring the use of cryptocurrencies to circumvent SWIFT sanctions and counter Western financial blockades.
- China may be indirectly positioning itself in the crypto market through Hong Kong while strengthening restrictions on mainland transactions.
- The European Union might strengthen compliance requirements to protect the euro’s status and prevent financial risks.
The U.S. establishment of a Bitcoin reserve may accelerate the diversification of the global reserve system. A mixed reserve model of “gold + dollar + Bitcoin” is taking shape. Of course, this could potentially weaken the dollar’s position as the single dominant currency, and the test for Trump’s crypto think tank has quietly begun.
Institutions and Web3: Compliance and Ecosystem Restructuring
Trump’s policy provides clear signals to institutional investors. Traditional financial giants like BlackRock and Fidelity may launch “national reserve-linked” financial products, attracting sovereign funds and pension funds to enter the market.
For the Web3 industry, Trump’s policies bring both challenges and opportunities. Custody service providers (such as Coinbase) and mining companies (such as Riot Blockchain) benefit from government cooperation needs, becoming winners in the compliance process.
Furthermore, policy support may accelerate innovation in DAO governance and RWA (Real World Asset) tokenization. For example, blockchain-based government bond issuance or smart contract-optimized financial transaction processes are moving from concept to practice. These innovations not only promote the integration of crypto technology with traditional finance but also open up new growth spaces for the Web3 industry.
However, it cannot be ignored that the U.S. crypto asset reserve may be accelerating market risk preference divergence. Bitcoin gains favor from long-term capital due to policy endorsement, while altcoins face selling pressure due to regulatory uncertainties.
Especially when U.S. reserve crypto assets are no longer limited to BTC (such as when ETH, XRP, etc. are clearly selected), reaching 5-10 types, this divergence could further intensify the “Matthew effect” in the crypto market.
WHICH ASSETS HAVE POTENTIAL TO BE SELECTED FOR THE US CRYPTO ASSET RESERVE
According to existing information, the Trump administration has announced that Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA) will be included in the US crypto asset reserve. However, other crypto assets might be included in the reserve in the future. Here are several potential candidate assets and their basic introductions:
Aptos (APT)
- Aptos is a high-performance Layer 1 blockchain designed to achieve high throughput and low latency through innovative consensus mechanisms and parallel processing technology. It was developed by former Meta (Facebook) team members and aims to become the infrastructure for the next generation of decentralized applications (dApps).
- Reason for Selection: Aptos’ technological innovation and strong development team make it a potential reserve candidate, especially its leading position in the high-performance blockchain field.
Sui (SUI)
- Sui is an emerging Layer 1 blockchain focused on transaction processing capability through a unique object model and parallel execution architecture. It was developed by Mysten Labs, whose team members include former core members of Meta’s Diem project.
- Reason for Selection: Sui’s technical architecture and potential market influence make it a potential candidate for the reserve, especially its competitiveness in the high-performance blockchain field.
Litecoin (LTC)
- Litecoin is a decentralized cryptocurrency created by former Google engineer Charlie Lee in 2011. It is based on Bitcoin’s code but has made several improvements, including shorter block generation time (2.5 minutes) and higher total supply (84 million coins). LTC uses the Scrypt algorithm, aimed at providing faster transaction speeds and lower transaction costs, and is known as “digital silver.”
- Reason for Selection: LTC has a high degree of decentralization, a solid consensus mechanism, and broad market consensus. Its technical advantages (such as quantum computing resistance potential) and applicability to payment scenarios make it a potential reserve candidate.
Uniswap (UNI)
- Uniswap is a decentralized exchange (DEX) that enables token trading through an automated market maker (AMM) mechanism. It is one of the most important protocols in the DeFi ecosystem.
- Reason for Selection: Uniswap’s core position in the DeFi field and its widespread application scenarios may make it a candidate asset for the reserve.
MakerDAO (MKR)
- MakerDAO is a decentralized finance protocol that allows users to generate the stablecoin DAI by collateralizing assets. It is one of the most important stablecoin issuance platforms in the DeFi ecosystem.
- Reason for Selection: MakerDAO’s key role in stablecoin issuance and the DeFi field may make it a candidate asset for the reserve.
Trump’s Bitcoin strategic reserve policy is both a defensive measure for the US to address financial hegemony in the digital age and a strategic offensive to actively shape the global crypto order. In the short term, insufficient policy details and macro risks lead to market volatility; in the long term, the “nationalization” of Bitcoin may give rise to a new financial system, with the core contradiction being the conflict between decentralization ideals and sovereign control.
In the future, if more countries join the reserve race, the crypto market will enter a new phase dominated by “sovereign capital,” and the Web3 industry will need to find a balance between compliance and innovation. For investors, focusing on policy dynamics, diversifying asset allocation, and seizing structural opportunities (such as BTC spot ETFs and compliant DeFi) will be key strategies.
Just as oil reserves reshaped the economic landscape of the 20th century, Bitcoin reserves may become the cornerstone of digital power in the 21st century—this silent arms race has already begun.
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
