US President Donald Trump has announced plans to create a new strategic reserve for cryptocurrencies, aiming to make the US the “Crypto Capital of the World.” The market prices of the five coins he named – Bitcoin, Ethereum, XRP, Solana, and Cardano – all rose after the announcement.
During his presidential campaign, Trump actively courted the crypto community, deviating from the previous administration’s stance on cryptocurrencies. The previous US president, Joe Biden, had pursued stricter measures against crypto due to concerns about fraud and money laundering.
It is unclear how the new stockpile will operate, with further information expected to be provided on Friday when Trump hosts the first Crypto Summit at the White House.
In a social media post, Trump stated that he had signed an order directing the Presidential Working Group to move forward with establishing a Crypto Strategic Reserve, including XRP, SOL, and ADA. He later added that Bitcoin (BTC) and Ethereum (ETH), along with other valuable cryptocurrencies, would be central to the Reserve.
The prices of the first three coins mentioned by Trump jumped by up to 62% on Sunday, while Bitcoin and Ethereum increased by more than 10% each. The posts marked a positive trend in crypto prices, which had declined after reaching highs following Trump’s election.
Shortly after taking office in January, Trump signed an executive order establishing a presidential working group responsible for proposing new crypto laws and regulations. The order also called for the evaluation of creating a national digital asset stockpile using cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts. It remains unclear if Congress’s approval would be required to establish the stockpile.
Previously, Trump had been critical of Bitcoin, describing it as a “scam” during a 2021 interview with Fox News. However, in recent weeks, both Trump and his wife, Melania Trump, have launched their own cryptocurrencies, leading to accusations of attempting to benefit financially from his White House policies.
Source: https://www.bbc.com/news/articles/cn0jgggd7r4o
