On Sunday, President Trump identified five cryptocurrencies being considered for a new U.S. “strategic reserve,” which caused their values to soar, helping to recover from a recent decline.
In a message on Truth Social, Mr. Trump announced that the President’s Working Group on Digital Asset Markets, which he established via executive order shortly after his inauguration, is advancing plans for the crypto reserve. This reserve will feature Bitcoin, Ethereum, and three smaller cryptocurrencies: XRP, Solana, and Cardano.
Mr. Trump stated, “I will ensure that the U.S. becomes the Crypto Capital of the World.”
David Sacks, a venture capitalist and the president’s designated White House AI and Crypto Czar, mentioned on X on Sunday that more information will be disclosed during the White House Crypto Summit slated for Friday, March 7. The summit will host founders, CEOs, and investors from the crypto sector, as announced by the White House.
Following Mr. Trump’s social media announcement, the values of digital currencies surged, with XRP rising approximately 34% at 1:00 p.m. EST. Solana increased by around 22% and Cardano jumped over 63%.
A short time later, Trump shared another post, indicating that significant cryptocurrencies such as Bitcoin and Ether would be central to “the Reserve,” which triggered price increases of more than 10% and 12%, respectively, for these major digital currencies.
Trump’s posts contributed to a widespread rally across cryptocurrencies, which had recently seen a decline due to tariff threats from Trump and new controversies impacting the sector, undermining investor confidence in these highly volatile assets.
These Sunday remarks aren’t the first instance of Trump and his associates commenting on the crypto landscape.
Both Trump and his wife, Melania, have recently introduced their own branded meme coins, leading to claims that they were trying to profit from his political success. Additionally, billionaire executive Elon Musk—a close political ally whom Trump has tasked with overseeing a government efficiency initiative—has often promoted cryptocurrencies on his own social media platform, X.
The crypto sector also played a significant role in the 2024 election, with crypto companies contributing one-third of all direct corporate donations to super PACs last year, as previously reported by CBS News.
