Former US President Donald Trump has disclosed five cryptocurrencies he wishes to incorporate into a new strategic reserve aimed at establishing the US as “the Crypto Capital of the World”.
Following this announcement, the market prices of the five designated coins—Bitcoin, Ethereum, XRP, Solana, and Cardano—experienced a rapid increase.
Throughout his presidential campaign, Trump actively engaged with the cryptocurrency community, contrasting sharply with the previous administration under Joe Biden, which had enforced a crackdown on cryptocurrencies over concerns related to fraud and money laundering.
The operational details of the new reserve remain unclear, but more information is anticipated on Friday when Trump announces the inaugural Crypto Summit at the White House.
In a social media update on Sunday, Trump stated he had signed an order that “directed the Presidential Working Group to advance a Crypto Strategic Reserve featuring XRP, SOL, and ADA”.
About an hour later, he followed up with another post, stating: “And, of course, BTC and ETH, as significant cryptocurrencies, will be central to the Reserve.”
The first three coins mentioned surged by as much as 62% on Sunday.
Bitcoin and Ethereum also rose by more than 10% each.
These posts signaled a positive shift for crypto prices, which had seen a sharp decline since their peak post-election.
Following his inauguration in January, Trump issued an executive order to establish a presidential working group meant to propose new laws and regulations for cryptocurrencies.
The order instructed the group to “assess the potential establishment and upkeep of a national digital asset stockpile” that might utilize “cryptocurrencies lawfully seized by the Federal Government through its enforcement actions”.
It remains uncertain whether the formation of a new national strategic stockpile would necessitate congressional approval.
Trump has previously voiced skepticism about cryptocurrency, labeling Bitcoin a “scam” during a Fox News interview in 2021.
However, in recent weeks, both he and his wife Melania Trump have introduced their own cryptocurrencies, prompting allegations that they may be attempting to monetize his White House policies.
