United States President Donald Trump has announced the inclusion of five cryptocurrencies in a proposed “Crypto Strategic Reserve,” a move that caused significant price surges across the digital asset market. Bitcoin, Ethereum, XRP, Solana, and Cardano were named as part of the initiative, according to a post by Trump on his Truth Social platform. The announcement aligns with an executive order signed in January, which called for an examination into creating a “strategic national digital assets stockpile.”
Trump emphasized that this step aims to bolster the crypto industry following what he described as “corrupt attacks” during the Biden administration. He reiterated his commitment to making the US a global leader in the crypto space, stating, “I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
The market reacted swiftly to the news. Cardano surged over 70%, while XRP and Solana climbed more than 35% and 20%, respectively. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, also saw gains exceeding 20%. Notably, these two were not initially mentioned in Trump’s Truth Social announcement but still benefited from the broader market optimism.
Details on the practical implementation of the proposed reserve remain vague. Some crypto advocates expressed disappointment with the term “stockpile,” interpreting it as a passive approach where the government would merely hold existing assets rather than actively purchasing new ones.
During his first term, Trump had been critical of Bitcoin, labeling it a “scam.” However, his stance shifted during his re-election campaign, where he pledged to position the US as the “crypto capital of the planet.” Since taking office again, his administration has worked to reverse regulatory measures introduced under Biden.
Recent developments include the Securities and Exchange Commission (SEC) dropping civil charges against Coinbase, the largest US-based crypto firm. The SEC has also paused or abandoned litigation against other major players like Binance, OpenSea, Robinhood, and Uniswap. Trump, whose family has reportedly amassed billions through crypto ventures, is set to host the inaugural White House Crypto Summit on Friday.
— news from Al Jazeera English