Here is the English translation of the text, with the specified terms translated as instructed: The Crypto Reserves of Trump Shock the Market - What's Next? The United States has officially recognized Bitcoin as one of its strategic assets, taking a historic step. Recently, President Donald Trump announced the establishment of a Strategic Bitcoin Reserve, i.e., the U.S. government's Altcoin reserve, which is the first time Bitcoin has been officially recognized by the U.S. government as a reserve asset. According to the executive order issued in early March 2025, the reserve will be funded by the Bitcoin (about 200,000 BTC) seized by the government in criminal and civil forfeiture cases. The order explicitly prohibits the sale of these Bitcoins, echoing the classic crypto mantra "never sell your Bitcoin." Instead, the relevant agencies must hold (HODL) these "digital gold" long-term and store them in the "digital Fort Knox," for the national reserve. This move raises many core questions: Is this the dawn of a new era of digital finance, or a political strategy? What does this mean for the future of Bitcoin and the entire Altcoin market? Price Volatility and Market Reaction After Trump announced the establishment of the Altcoin reserve, the price of Bitcoin experienced violent fluctuations. On March 2, 2025, President Trump first publicly stated on social media that the U.S. reserve will include five Altcoins, and the news caused Bitcoin to soar more than 10%, breaking $94,000, while Ether rose about 13%, breaking $2,500. However, a few days later, the details of the executive order triggered a "good news is bad news" market, leading to a correction. On March 7, the White House confirmed that the initial reserve will only include the Bitcoin seized by the government and will not immediately purchase additional BTC. After the news broke, Bitcoin briefly fell about 5%, dropping below $85,000. Some traders were disappointed that the government did not plan to actively buy. However, this correction was quickly digested: the next morning, Bitcoin quickly rebounded to around $89,000. Even after experiencing a brief sell-off, the Bitcoin price remained at historical highs - in January 2025, Bitcoin hit a new high of $109,000, driven by market speculation that the U.S. government might introduce favorable policies. Market analysts believe that macroeconomic factors later in the week limited further gains in the Altcoin market. After the initial frenzy, broader economic concerns such as global trade war risks and rising risk aversion led the market to give back some of the gains. Nevertheless, the overall upward trend of Bitcoin remains solid. Currently, the BTC price is much higher than the same period last year, supported by the improvement in the U.S. regulatory outlook and the impact of the 2024 halving. Historical Comparison: Trump's Bitcoin Reserve and Past Catalysts To better understand Trump's Bitcoin reserve, market observers compare it to past major Bitcoin catalytic events, including ETF approvals, Bitcoin halvings, and government Altcoin initiatives. ETF Approval: Unleashing the Institutional Investment Wave The approval of Bitcoin ETFs has long been seen as an important step in the mainstream adoption of Altcoins. By the end of 2024, top Bitcoin ETFs were widely adopted, and asset management firms significantly increased their exposure to these funds. This is similar to the history of gold ETFs in the 2000s - the launch of gold ETFs triggered an institutional investment boom and drove up gold prices. Now, Bitcoin ETFs are following the same trajectory, with not only hedge funds, but also banks and sovereign wealth funds entering this field. Trump's pro-Altcoin attitude is expected to accelerate the SEC's approval of more Altcoin ETFs, including Ethereum and potential Solana ETFs. The market generally believes that under Trump's leadership, a new batch of Altcoin ETFs will soon be approved, further consolidating the trend of institutional capital entering the Altcoin market. Bitcoin Halving: A Natural Catalyst for Bull Markets Bitcoin's halving events have always been a core driver of its price cycles. The halving in April 2024, which will reduce the miner reward from 6.25 BTC to 3.125 BTC, will further tighten Bitcoin's supply. Historical data shows that the market performance after each halving is usually positive, as the increased scarcity drives up prices. The market trend in 2024-2025 once again confirms this trend: 1. Before the halving (April 2024), the Bitcoin price was around $30,000; 2. In November 2024, the market's expectation of the U.S. election pushed BTC to break $75,000; 3. In January 2025, under the framework of Trump's pro-Altcoin policies, Bitcoin briefly broke $100,000. Reviewing history, Bitcoin has experienced extreme rallies after the 2013, 2017, and 2021 halving cycles. Most analysts believe that this 2024-2025 bull market, with the addition of institutional investment and government demand, may be further accelerated. Standard Chartered Bank once estimated that if Trump wins the election, BTC could reach $125,000 by the end of 2024 and $200,000 by the end of 2025, regardless of who becomes president. Reuters even reported that a certain Standard Chartered analyst predicted that BTC could reach $500,000 during Trump's term, provided that the adoption of Bitcoin reaches unprecedented levels. While these predictions may be highly speculative, the optimistic market sentiment brought by Trump as a Bitcoin supporter cannot be ignored. Past Government Altcoin Initiatives: Comparison with El Salvador The market also compares Trump's Bitcoin reserve plan with El Salvador's Bitcoin experiment. 1. In 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender and began to build a national-level BTC reserve. 2. As of March 2025, El Salvador has held 6,100+ BTC, although the scale is much smaller than the U.S., it has set a precedent for sovereign nations to hold Bitcoin. 3. El Salvador even created the concept of a "Strategic Bitcoin Reserve," and Trump's version is larger and more formal, which may become a key event in reshaping the global financial landscape. Altcoin supporters liken Trump's reserve plan to the U.S. government's creation of the "Strategic Petroleum Reserve" in the 1970s. At that time, the U.S. government established a petroleum reserve to ensure national energy security, profoundly impacting the global oil market. Now, the U.S. Bitcoin reserve may similarly reshape the digital asset market, bringing greater global recognition and influence to Altcoins.

Here is the English translation of the text, with the terms within <> retained and not translated, and no additional analysis or commentary added: The move by the United States has caused shockwaves globally, prompting allies and competitors to re-evaluate their respective strategies. analysts predict a potential "domino effect", where other countries may follow suit with the US approach. Japan is closely monitoring the developments in the US. Industry reports suggest that Washington's pro- stance may prompt Japan to adjust its policies - as one of the earliest countries to regulate , Japan may consider increasing its reserves or relaxing relevant regulations. Under the MiCA regulatory framework, Europe has already established a legal system for . However, the US decision may compel the EU to weigh whether it should also treat as a reserve asset, to avoid falling behind the US in financial innovation. Sovereign wealth funds in the Middle East and Asia have quietly begun investing in ETFs recently. If the US government formally recognizes the legitimacy of as a national-level holding, these funds may accelerate the allocation of . Small countries that have already ventured into have also been encouraged by the US' new policy. - The President of El Salvador publicly supports Trump's decision, believing that the US establishing a reserve validates the correctness of his previous strategy. (Notably, El Salvador has recently purchased more and promised that this transaction is still within the scope agreed with the IMF.) - Countries with an open attitude towards , such as the UAE and Singapore, may make greater efforts to attract funds, aiming to become the global center for this new asset class supported by the US. - Within the US, states like Texas and Wyoming, which already support , have proposed to include in their state fiscal reserves. Now that the US federal government has established a national reserve, this will undoubtedly spur state governments to compete in hoarding "digital gold", accelerating the reserve race at the national-state level. At the same time, the US' geopolitical competitors may view this as a move by the US to further consolidate the dominance of the US dollar in technological innovation. analysts generally believe that Trump's reserve will be a significant boon for long-term adoption and price growth. - The US government's official recognition of as a reserve asset is like a "green light" signal to other countries, large companies, and institutional investors, encouraging them to emulate this practice. - This move opens the door to global adoption and prompts the market to significantly raise its price targets for . For example: - Standard Chartered analysts predict that if the policy environment remains favorable, may reach $200,000 by 2025 and even $500,000 by 2028. - Their logic is that with increased adoption and reduced supply, the value of will grow exponentially. This view is supported by the upcoming halving in 2028, as the supply of will be further reduced. - Even more conservative analysts are generally bullish: Bitwise CEO Matt Hougan said the US reserve is a global adoption benchmark, and this is the first time a sitting US president has recognized as a strategic asset, a signal that may drive global adoption and launch a long-term upward trend for . The legalization of will also accelerate the development of the underlying infrastructure: - and technology will become more widely adopted, and like , , , , , and may also benefit from increased attention and investment. - like will play a crucial role in facilitating the flow of funds.

• The approval of Bitcoin ETFs has further progressed, making crypto financial services more user-friendly. Investment firms will strengthen educational promotion to meet the growing market demand.
• At the international level, if other countries start to establish their own Bitcoin reserves (even if quietly increasing their holdings), Bitcoin may evolve into a role similar to a global reserve asset over the next decade, becoming increasingly influenced by macroeconomic and geopolitical factors, just like gold.

Not limited to Bitcoin, the broader crypto adoption is also a long-term trend:

• Trump mentioned other crypto assets such as Ether, Solana, and Cardano, which may promote the technological development of these ecosystems and suggest that multiple cryptocurrencies may play unique roles in government or the financial system in the future.
• However, Bitcoin will still be the biggest beneficiary, continuing to play the core role of "digital gold".

Conclusion

Overall, Trump's plan to establish a Bitcoin reserve has sparked optimism in the crypto space, but also brings new challenges.

From the perspective of supporting cryptocurrencies, this move is an important milestone, officially establishing Bitcoin's status as "digital gold" and propelling the entire crypto market into the category of strategic assets.

Direct impacts:

Bitcoin price soaring

Bullish forecasts from institutional investors

Cryptocurrencies are no longer marginalized assets, but have entered the core of global finance and politics

The comparison of ETFs and halving history suggests that this may be a key driver of the current bull market. If the market maintains its current momentum, Bitcoin and other major Altcoins may hit new highs.

The future trend has been basically determined:

The US establishing a Bitcoin reserve is a historic recognition of the legitimacy of cryptocurrencies.

The entire crypto community, from retail investors to billionaire institutions, has been mobilized. Bitcoin and some major Altcoins are no longer just speculative tools, but part of financial and national strategies.

If the market optimism continues to ferment, Bitcoin may enter a new era on par with gold and the US dollar, becoming a component of central bank asset reserves.

Even facing challenges, one fact is clear:

Global economic leaders can no longer ignore the rise of cryptocurrencies, and the countries and institutions that embrace it early on may become the biggest winners.