Eric Trump has warned Wall Street to adapt to the growing crypto movement or risk becoming irrelevant. Speaking on Sunday, he praised his father's announcement of a Strategic Crypto Reserve (SCR) for the US, calling the timing 'genius' and criticising traditional finance. The market responded swiftly, with Bitcoin surging 10% to$94,343 and Ethereum climbing 13%, while altcoins like Cardano and Solana saw massive gains. This move, announced by Donald Trump on Truth Social, confirmed that BTC, ETH, XRP, SOL, and ADA would be at the heart of the reserve.

The SCR aims to elevate the crypto industry, which Trump believes has faced years of attacks from the Biden administration. In his posts, Trump clarified that the reserve would involve active purchases of crypto over time, as opposed to simply holding onto seized assets, a distinction that sparked debate in the crypto community. While many saw the reserve as a positive development, some questioned the inclusion of specific coins like XRP and ADA, and others voiced concerns about the potential destabilising effects on the US dollar.

Despite differing opinions, the announcement has reinvigorated market confidence, with Bitcoin recovering from recent lows. Trump's upcoming White House Crypto Summit on Friday will likely provide more details on the reserve's structure, leaving investors eager to see how the move impacts both crypto and traditional finance in the long term.