Trump announces strategic crypto reserve including bitcoin, Solana, XRP and more!
Cryptocurrencies recorded a boost on Sunday after President Donald Trump announced the creation of a strategic crypto reserve for the United States that will include bitcoin and ether, as well as XRP, Solana's SOL token, and Cardano's ADA.
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my Executive Order on Digital Assets directed the Presidential Task Force to move forward with a Strategic Crypto Reserve that includes XRP, SOL, and ADA,” he said in a post on Truth Social. “ I will ensure that the U.S. is the Crypto Capital of the World.” “And, of course, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the Reserve,” he said in a follow-up post. “I also want Bitcoin and Ethereum!”
XRP rose 33% after the announcement, while the Solana-linked token rose 25%. Cardano’s coin rose more than 60%. Bitcoin rose 10% to $94,343.82, after hitting a three-month low below $80,000 on Friday. Ether, which has suffered some of the biggest losses in cryptocurrencies to date, gained 13%.
Trump is hosting the first-ever Crypto Summit at the White House on Friday, and investors will be watching closely for more clues about the direction of the reserve plans.
This is the first time Trump has specified his support for a crypto “reserve” versus a “stock.” While the former assumes active purchase of crypto in regular installments, a reserve would simply not sell any of the crypto currently held by the U.S. government.
Bitcoin jumps after Trump announces strategic crypto reserve
Trump first floated the idea of a bitcoin stockpile, which would “hold 100% of all bitcoin that the U.S. government currently owns or purchases in the future” last summer at Bitcoin 2024 in Nashville, one of the industry’s largest conferences, where he began to grapple with the crypto vote. At the same event, Wyoming Senator Cynthia Lummis introduced her proposal for a national strategic bitcoin reserve.
After his reelection in November, the drumbeat for a strategic reserve of bitcoin grew louder, helping send the price of the leading cryptocurrency to all-time highs. That momentum seemed to stall after Trump issued his executive order on crypto in late January. It called for the President’s Crypto Task Force to evaluate “the potential creation and maintenance of a national stockpile of digital assets, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts,” among other things.
Much of the industry had a lukewarm response to the language. In addition to the order specifying a reserve over a reserve, the use of the term “digital assets” suggested it could include other cryptocurrencies.
However, many in the crypto community strongly believe that a crypto reserve should only hold bitcoin as it is the most battle-tested and decentralized of the crypto networks. Including other currencies could also invite the government to pick winners and losers in the crypto market, they say.
Another faction opposes the idea of a US reserve of any cryptocurrency, as it could undermine the dollar’s status and be easily undone by a future administration. Bitcoin, in the absence of a crypto-specific catalyst, has been consolidating since the executive order and just closed out its worst month since 2022.
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