The cryptocurrency market saw a dramatic rally after US President Donald Trump endorsed five digital assets as part of a proposed “Crypto Strategic Reserve” aimed at making the United States the “Crypto Capital of the World.”
Trump revealed that the reserve would include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), leading to an immediate surge in their prices. The first three coins he mentioned XRP, SOL, and ADA jumped by as much as 62% on Sunday, while Bitcoin and Ethereum rose over 10% each.
During his presidential campaign, Trump actively courted the crypto community, marking a stark contrast to the approach taken by his predecessor, Joe Biden. Under Biden’s administration, cryptocurrency faced increased scrutiny and regulatory crackdowns due to concerns over fraud and money laundering. Now, Trump’s administration appears to be shifting towards a more crypto-friendly stance, with a focus on integrating digital assets into national economic strategies.
In a social media post on Sunday, Trump announced that he had signed an executive order directing the Presidential Working Group to establish a Crypto Strategic Reserve, initially mentioning XRP, Solana, and Cardano. Later, he followed up by confirming that Bitcoin and Ethereum would also be at the core of this initiative.
The specifics of the proposed national crypto reserve remain unclear. More details are expected to be unveiled on Friday, when Trump hosts the first-ever Crypto Summit at the White House. Analysts speculate that the reserve may involve the government holding digital assets obtained through legal seizures or strategic acquisitions. However, it is uncertain whether establishing such a reserve would require congressional approval.
Trump’s newfound enthusiasm for cryptocurrency marks a significant departure from his earlier stance. In a 2021 interview with Fox News, he dismissed Bitcoin as a “scam.” However, in recent weeks, both Trump and his wife, Melania, have launched their own digital tokens, fueling speculation that his policies may serve personal financial interests.
With the upcoming summit set to address regulations and the strategic role of digital assets, the crypto industry is closely watching how Trump’s administration will shape the future of cryptocurrency in the United States.
