According to the US president, the “Crypto Strategic Reserve” will comprise Bitcoin, Ethereum, XRP, Solana, and Cardano.
Five cryptocurrencies have seen a sharp increase in value when US President Donald Trump designated them as part of his planned reserve of digital assets.
Trump announced on his Truth Social platform on Sunday that he would create a “Crypto Strategic Reserve” that will comprise Bitcoin, Ethereum, XRP, Solana, and Cardano.
Trump said that the action would “elevate” the sector following years of “corrupt attacks” by the former US President Joe Biden’s administration. In January, he signed an executive order to investigate the establishment of a “strategic national digital assets stockpile.”
“I’ll see to it that the US becomes the global center for cryptocurrency.” “We are restoring America’s greatness!” the US president declared on social media.
Following Trump’s announcement, Cardano surged over 70%, while XRP and Solana saw increases of over 35% and 20%, respectively.
The two biggest cryptocurrencies by market value, Bitcoin and Ethereum, which Trump did not mention in his first Truth Social post announcing the reserve, increased by more than 20%.
The practical implementation of Trump’s suggested reserve is yet unknown.
Some cryptocurrency aficionados were dismayed by the US president’s executive order referring to a “stockpile” of digital assets, assuming it meant Washington would just hang onto assets it already possessed rather than actively purchasing cryptocurrency, as a “reserve” would imply.
Trump embraced the cryptocurrency industry during his reelection campaign, promising to make the US the “crypto capital of the planet,” after calling Bitcoin a “scam” during his first presidency.
The Trump administration has taken steps to reverse the regulatory crackdowns that the Biden administration started when he took office.
After halting or dropping legal action against Binance, OpenSea, Robinhood, and Uniswap, the Securities and Exchange Commission said last week that it had dismissed civil charges against Coinbase, the biggest cryptocurrency exchange in the United States.
Trump will hold the first-ever White House Crypto Summit on Friday. Trump’s family launched their own tokens and amassed billions of dollars in cryptocurrency fortune.
