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President Donald Trump is set to announce the creation of a U.S. strategic Bitcoin reserve at the White House crypto summit on Friday, according to Commerce Secretary Howard Lutnick.

Bitcoin surged past $90,000 on Wednesday as investors grew hopeful that President Donald Trump might revise tariffs on Canada and Mexico.

Michael Saylor argues that Bitcoin should be the primary asset in the U.S. strategic crypto reserve, calling it "the foundation of the crypto economy.”

Peter Schiff’s unexpected take on Bitcoin has sparked fresh debate ahead of the White House Crypto Summit, where industry leaders will weigh in on the U.S. crypto reserve.

Bitcoin Cash (CRYPTO: BCH) was something of an outlier in a good way, with a more than 23% rise. On Wednesday, President Donald Trump elected to grant a one-month exemption to the freshly introduced tariffs on imports from those countries, specifically to automobile manufacturers.

Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) are two of the most successful cryptocurrencies, both ranking in the top 10 by market cap. Because Ethereum launched in 2015, five years earlier than Solana, it established a big early lead in terms of popularity and usage. Over the last year, Solana's price has risen by 10%, whereas Ethereum's has fallen by over 30%.

El Salvador announced on Wednesday the purchase of a bitcoin, which takes the total in the country's strategic reserve to above 6,102 coins, the National Bitcoin Office posted on social media. The bitcoin purchase announcement comes days after the International Monetary Fund board approved a 40-month program with El Salvador for $1.4 billion that implied a downgrade of the cryptocurrency's status in the Central American country. Bitcoin cannot be used to pay taxes and its acceptance by the public is voluntary, which is not what was expected when it was given a legal tender status back in 2021.