US President Donald Trump has unveiled a list of five cryptocurrencies he wants included in a new strategic reserve, aiming to position the US as “the Crypto Capital of the World.”
The digital assets—Bitcoin, Ethereum, XRP, Solana, and Cardano—saw an immediate surge in market value following Trump’s announcement.
Throughout his presidential campaign, Trump actively courted the crypto community, a stark contrast to his predecessor, Joe Biden, who had imposed strict regulations on the industry over fraud and money laundering concerns.
Details on how the proposed reserve will function remain unclear. More insights are expected on Friday when Trump hosts the first-ever White House Crypto Summit.
In a social media post on Sunday, Trump revealed that he had signed an order directing the Presidential Working Group to move forward with the Crypto Strategic Reserve, specifically mentioning XRP, SOL (Solana), and ADA (Cardano). An hour later, he clarified in another post that Bitcoin (BTC) and Ethereum (ETH) would also be “at the heart of the Reserve.”
Following his statements, the first three named coins surged by up to 62%, while Bitcoin and Ethereum recorded gains of over 10%.
Trump’s announcement sparked renewed optimism in the crypto market, which had experienced volatility since its initial surge after his election.
After taking office in January, Trump signed an executive order establishing a presidential working group tasked with drafting new cryptocurrency laws and regulations. The order also called for evaluating the feasibility of a national digital asset stockpile, potentially incorporating cryptocurrencies seized by the federal government through law enforcement actions.
It remains uncertain whether the creation of a national strategic crypto reserve would require congressional approval.
Trump, who had previously dismissed Bitcoin as a “scam” in a 2021 Fox News interview, has recently shifted his stance. Both he and his wife, Melania Trump, have launched their own cryptocurrencies, raising speculation that they may be leveraging White House policies for personal financial gain.
