Eric Trump says Wall Street must embrace crypto or die after president Trump’s SCR announcement

Eric Trump has a warning for Wall Street: adapt to crypto or go extinct. On Sunday, while traditional finance was off the clock, president Donald Trump announced the creation of a Strategic Crypto Reserve (SCR) for the United States, sending Bitcoin, Ethereum, and other cryptocurrencies soaring.

Eric called the timing “genius” and took a shot at legacy finance. “Traditional finance better catch up, or it will quickly become extinct,” he said. “The world no longer runs on a Mon-Friday, 9 to 5.”

Markets reacted instantly. Bitcoin (BTC) surged 10% to $94,343.82, recovering from a three-month low under $80,000 on Friday. Ethereum (ETH) gained 13%. The biggest gainer was Cardano’s ADA, which skyrocketed over 60%. XRP jumped 33%, while Solana’s SOL climbed 25%. The announcement came directly from Donald Trump on Truth Social, where he confirmed that the U.S. government would establish a national reserve holding BTC, ETH, XRP, SOL, and ADA.

Trump confirms U.S. crypto reserve, market reacts

Trump’s post made it clear—this wasn’t just talk. “A U.S. 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.

He followed up with another post, explicitly including BTC and ETH in the reserve. “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve,” he wrote. “I also love Bitcoin and Ethereum!”

This marks the first time Trump has publicly differentiated between a “crypto reserve” and a “stockpile.” A reserve implies active purchasing of crypto over time, while a stockpile would mean simply holding onto existing crypto seized by the U.S. government through law enforcement actions.

Trump first introduced the idea of a Bitcoin stockpile last summer at Bitcoin 2024 in Nashville, Tennessee. It was at that event that Wyoming Senator Cynthia Lummis also pushed for a national strategic Bitcoin reserve. The concept gained traction after Trump’s re-election in November, as Bitcoin surged to new all-time highs on speculation about U.S. government adoption.

But things slowed down when Trump’s executive order on digital assets in late January raised more questions than answers. The order directed the President’s Working Group on Crypto to study “the potential creation and maintenance of a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.” The wording of “digital asset stockpile” instead of “crypto reserve” left many investors uncertain about what exactly was coming.

Crypto community divided on Trump’s reserve plan

Reactions from the crypto industry were split. Many saw the SCR as a bullish move, while others questioned what it would mean long term.

One of the biggest debates is which cryptocurrencies belong in the reserve. Some argue that Bitcoin should be the only asset held, as it is the most decentralized and secure. Others disagree with the government picking winners and losers by including XRP, SOL, and ADA alongside Bitcoin and Ethereum.

Another group completely opposes the idea of a U.S. crypto reserve. They warn that it could destabilize the U.S. dollar or be liquidated by a future administration.

“The next election could see a new administration come in and need to find money to pay debt, social security, etc. They could sell the reserve,” said Adam Blumberg, vice president of Enclave Group.

Blumberg also questioned whether the U.S. government should be holding crypto at all. “I just don’t like the idea of the U.S. government, or any government, owning the most decentralized asset ever,” he said. “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.”

Bitcoin had been struggling since Trump’s executive order, closing out its worst month since 2022. But with this Strategic Crypto Reserve announcement, everything has changed.

The next big moment comes Friday, when Trump hosts the first-ever White House Crypto Summit. Investors will be watching for more details on how the reserve will operate and whether traditional finance finally wakes up.