US President Donald Trump has announced his intention to establish a strategic reserve of cryptocurrencies, aiming to position the United States as "the Crypto Capital of the World."
Following his statement, the market value of the five digital currencies he named—Bitcoin, Ethereum, XRP, Solana, and Cardano—experienced significant surges.
Throughout his presidential campaign, Trump actively engaged with the crypto community, contrasting sharply with his predecessor, Joe Biden, whose administration had implemented stringent regulations on cryptocurrency due to concerns about fraud and money laundering.
Details about the proposed reserve remain unclear, with further information expected to be unveiled at the first-ever White House Crypto Summit on Friday.
In a social media post on Sunday, Trump announced that he had signed an order instructing the Presidential Working Group to advance plans for a Crypto Strategic Reserve, specifically naming XRP, SOL, and ADA.
An hour later, he followed up with another post clarifying that Bitcoin (BTC) and Ethereum (ETH) would also be central components of the reserve.
Following these announcements, the first three cryptocurrencies saw price spikes of up to 62% on Sunday, while Bitcoin and Ethereum also gained more than 10% each.
These developments marked a reversal of the recent downward trend in crypto markets, which had declined after an initial surge following Trump's election victory.
Shortly after assuming office in January, Trump signed an executive order creating a presidential working group tasked with drafting new cryptocurrency regulations.
This order mandated the group to explore the establishment and maintenance of a national digital asset reserve, potentially utilizing cryptocurrencies seized by the federal government through law enforcement operations.
It remains uncertain whether implementing such a strategic reserve would require congressional approval.
Trump's stance on cryptocurrency has shifted over time. In a 2021 Fox News interview, he dismissed Bitcoin as a "scam." However, in recent weeks, both he and his wife, Melania Trump, have launched their own cryptocurrencies, prompting speculation that they may be leveraging White House policies for personal financial gain.
