Cardano (ADA-USD) founder Charles Hoskinson was caught completely off guard when he found out that ADA had been included in the U.S. crypto reserve. “We knew nothing about ADA being selected for the reserve. It was news to me,” Hoskinson said in a March 5 video. He added that he woke up to 150 messages congratulating him but had “no idea what the heck was going on.” Despite previous attempts to engage in discussions, he was repeatedly told, “We’ll call you back” and “We’ll figure it out.”
Trump’s Crypto Reserve Plan Sparks Controversy
Trump’s March 2 announcement confirmed that the reserve would “obviously” include Bitcoin and Ethereum. However, the addition of Solana (SOL-USD), XRP (XRP-USD), and Cardano (ADA-USD) sparked controversy across the crypto industry. ADA skyrocketed 76% within hours, reaching $1.14, before crashing 30% the following day. The move led to criticism, with Bitwise CIO Matt Hougan arguing, “Market participants have soured on the announcement because the proposed reserve holds more than Bitcoin.”
ADA’s Rally Faces Skepticism
Despite its rapid price movement, ADA’s breakout was short-lived. Analysts aren’t convinced ADA’s gains will last, with BeInCrypto pointing out that failing to push past $1.15 could mean more trouble ahead.
In addition, Hoskinson dismissed the idea that political endorsements should dictate a cryptocurrency’s value, stating, “If you believe for a moment that your cryptocurrency is going to do well because somebody went to a ‘vanity fair,’ you’re a fool.”
Either way, ADA has still rallied a whopping 59.5% over the past 5 days, and this surge has been due to ADA’s potential inclusion in the U.S. crypto reserve. At the time of writing, ADA is sitting at $0.9575.
