US President says Bitcoin, Ethereum, XRP, Solana, and Cardano will be included in a ‘Crypto Strategic Reserve’.
United States President Donald Trump has identified five cryptocurrencies for his proposed digital assets reserve, causing the prices of these tokens to surge.
Bitcoin, Ethereum, XRP, Solana, and Cardano will be part of a “Crypto Strategic Reserve”, Trump announced on his Truth Social platform on Sunday.
Trump, who signed an executive order in January to explore the creation of a “strategic national digital assets stockpile”, stated that this initiative would “elevate” the industry following years of what he called “corrupt attacks” by the administration of former US President Joe Biden.
“I will ensure the US becomes the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump declared on his social media platform.
Following Trump’s announcement, Cardano surged by over 70%, while XRP and Solana rose by more than 35% and 20%, respectively.
Bitcoin and Ethereum, the two largest cryptocurrencies by market value, which were not initially mentioned in Trump’s Truth Social post about the reserve, also saw gains of over 20%.
It remains unclear how Trump’s proposed reserve would operate in practice.
Trump’s executive order, which mentioned a digital assets “stockpile”, has disappointed some crypto enthusiasts. They interpret the term to mean that the US government would only hold onto assets it already possesses, rather than actively purchasing cryptocurrencies as implied by the term “reserve”.
After labeling Bitcoin a “scam” during his first term, Trump has since embraced the crypto industry during his re-election campaign, promising to position the US as the “crypto capital of the planet”.
Since Trump took office, his administration has worked to reverse regulatory crackdowns initiated by the Biden administration.
Last week, the Securities and Exchange Commission announced it had dropped civil charges against Coinbase, the largest crypto firm in the US, after pausing or abandoning litigation against other major players like Binance, OpenSea, Robinhood, and Uniswap.
Trump, whose family has amassed billions in crypto wealth by launching their own tokens, is set to host the first-ever White House Crypto Summit on Friday.
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