The news, shared via Trump’s social media platform, led to renewed investor confidence, reversing recent losses in the crypto market.

Bitcoin jumped over 20% from its Friday lows, climbing from $78,273 to approximately $91,605. Ether also recorded a 20% surge, reaching $2,351. Other cryptocurrencies, including XRP, Solana, and Cardano, experienced even higher gains, with Cardano rising by 60%.

Trump’s executive order from January had initially pointed to the creation of a digital asset reserve, but the specific tokens to be included were undisclosed until his latest announcement. “Bitcoin and ether will be at the heart of this reserve,” Trump stated on Truth Social. 

His post appears to have reignited market positivity, particularly among investors who had been disappointed by the lack of regulatory changes following his election victory.

Market analysts say Trump’s endorsement has injected new growth into the crypto space. Matt Simpson, senior market analyst at City Index, remarked, “Trump just gave the pump that crypto traders have been holding out for. Any faith that was lost last week appears to have been restored.” He suggested that unless another wave of risk-off selling emerges, new price highs could be reached.

There is speculation that this bullish trend might continue ahead of the White House Crypto Summit scheduled for Friday. Chris Weston, head of research at Pepperstone, noted that while optimism is driving the rally, market trends could still influence sentiment.

Despite the surge, there are still issues about the potential structure and funding of the proposed reserve. Tony Sycamore, an analyst at IG Markets, raised questions about whether the reserve would be financed by taxpayers or consist of assets seized in law enforcement actions. 

He pointed out that if the latter is the case, “it simply represents a transfer between accounts rather than new buying entering the market.”

Bitcoin has had a volatile year, dropping over 17% in February—the largest monthly decline since June 2022—after briefly surpassing $105,000 in early January. However, expectations that the Trump administration would take a more crypto-friendly stance had initially fueled its rise post-election.

Some experts are sceptical about the long-term implications of government involvement in a space that was originally built on decentralisation. Kathleen Brooks, research director at XTB, underlined the irony, saying, “A currency that was designed to be isolated from government interference and decentralised is now reliant on the U.S. government for its fortunes.”

With Trump engaging with the crypto industry, his administration has already rolled back regulations initiated under President Joe Biden. 

“MultiversX has created the perfect island, but nobody really knows about it. My role is to be the tourist board – to attract millions of visitors,” says Adam.

“MultiversX can already do 72k tps and accelerate throughput of existing L2 blockchain networks by up to x100. And that is a story that needs to be told.”

Previously, Adam helped make Cardano a top 30 brand that ranked above Bitcoin, BMW and Nestle for brand intimacy. 

Other notable career wins include creating the biggest hybrid marketing event in the crypto space, winning Fast Company’s ‘Top 10 Most Innovative Companies’ award, featuring Cardano’s CEO Charles Hoskinson, live on Fox News, Yahoo Finance, Bloomberg and in Rolling Stone Magazine, and creating the Cardano 360 news show which grew community audiences 25x in 3 months. All of which helped ADA value increase 20x.

As a major proponent of blockchain tech and its everyday merits, Adam added,  “Blockchain can and must bring trust to the masses to revolutionize industries like AI, finance, healthcare, voting, social media and more. Only a limitlessly, scalable blockchain like MultiversX with record-breaking tps, which can also dramatically accelerate throughput for all chains, can do this. This unselfish mission resonated deeply and attracted me to MultiversX.”

In addition to blockchain, Adam brings a wealth of brand experience to drive mainstream blockchain adoption, having overseen major marketing campaigns for Fortune 500 companies such as Virgin Airlines, Barclays, Paralympics, Emirates, Lego, Mercedes-Benz, Porsche and Samsung among others. 

Adam was also a Director at the global marketing group BBDO in London for 11 years, working with over 300 offices worldwide, giving him a comprehensive understanding of cross-border collaboration.

Beniamin Mincu, CEO of MultiversX, said: “A great idea is only as powerful as its reach. Adam Bates’ proven ability to drive brand recognition and achieve strategic milestones is exactly what we need to showcase our strengths. 

He’ll be instrumental in conveying that we’re not here to compete—we’re here to empower the entire blockchain industry with the scalability it needs for mainstream success.”

Adam’s appointment is yet another progress made in MultiversX’s mission to harness top-tier talent, positioning blockchain as the catalyst for innovation across countless industries.

“From today, users can buy, sell, and store ADA on the Luno app and website, alongside its existing cryptocurrency offering, Luno said in a statement sent to TechEconomy.

Luno will also be adding SOL to its investment portfolio early next month.

Cardano is often described as a “next-gen evolution” of Ethereum. It aims to be the most scalable and sustainable platform for running decentralized applications (dApps) by taking a methodical, research-driven approach to its development.

Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3, and more.

With continuing interest in the wider applications of Bitcoin, ADA and SOL are the latest cryptocurrencies that Luno is adding to its portfolio, following the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year.

Luno wants to ensure its ten million+ customers have access to these wider investment opportunities.

“As big advocates of building for the long term, we believe it’s important to give customers access to newer crypto applications that have a promising future.

Now, not only do customers have access to ADA and SOL, but they also have the peace of mind that comes with the rigorous security that customers rely on from Luno”, comments Marius Reitz, General Manager for Africa at Luno.

“In a world that can look complex, we want to break down the complications around cryptocurrencies to make it easy for people to buy, send, store, and learn about them.”

Customers don’t need to make one large investment to get started but can build and grow their investment over time through smaller amounts – similar to how they make contributions to their pension for example,” comments Reitz.

While ADA and SOL meet Luno standards for safety, being listed on Luno is not an endorsement of its future potential as an investment.

Luno assesses prospective assets based on factors like security, compliance, and utility, but will always suggest anyone looking to invest in crypto should do their own research and exercise good judgment before investing.

“Luno only offers the most compelling investment options, viewed through a long-term lens,” concludes Reitz.

“That’s why, over the coming months, customers will be able to explore and invest in more opportunities to tap into a new global financial system and participate equally.”