US President Donald Trump has announced plans to include five cryptocurrencies in a proposed strategic reserve, aiming to establish the US as “the Crypto Capital of the World.” The cryptocurrencies mentioned are Bitcoin, Ethereum, XRP, Solana, and Cardano, and their market prices experienced a significant increase following the announcement.
During his presidential campaign, Trump actively engaged with the crypto community, contrasting the previous administration under Joe Biden, which had imposed restrictions on cryptocurrencies due to concerns related to fraud and money laundering.
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Details regarding the functioning of this new crypto stockpile are still unclear, but further information is anticipated on Friday, when Trump is set to host the inaugural Crypto Summit at the White House. In a social media statement, Trump confirmed he had signed an order directing the Presidential Working Group to advance the Crypto Strategic Reserve, explicitly including XRP, Solana, and Cardano. He later reiterated that Bitcoin and Ethereum would also play a central role in the Reserve.
The announcement led to notable price increases, with the first three cryptocurrencies surging by as much as 62%, while Bitcoin and Ethereum also rose by over 10%. This development marked a positive shift for cryptocurrency prices, which had experienced a decline since earlier spikes after Trump’s election.
Upon taking office in January, Trump initiated the formation of a presidential working group tasked with developing new laws and regulations for the cryptocurrency market. His order instructed the group to explore the creation and maintenance of a national digital asset stockpile, potentially utilizing cryptocurrencies seized by federal law enforcement.
It remains to be seen whether the establishment of a national strategic stockpile will necessitate congressional approval. Trump had previously expressed skepticism towards cryptocurrencies, labeling Bitcoin a “scam” in a 2021 interview. However, in recent weeks, both he and his wife, Melania Trump, have launched their own cryptocurrencies, drawing scrutiny over potential conflicts of interest with his administration’s policies.
