Former President Donald Trump announced the establishment of a U.S. strategic crypto reserve, marking a significant move in the realm of digital currencies. The reserve will encompass several prominent cryptocurrencies, including bitcoin (BTC), ether (ETH), XRP, Solana's SOL token, and Cardano's ADA coin. The announcement, made via Trump's Truth Social post, has sparked a notable rally in the cryptocurrency market.
The proposed reserve aims to elevate the digital currency sector, which Trump claims has faced "corrupt attacks" from the current administration. In his statement, he emphasized the importance of this initiative for the future of the U.S. economy. “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” he stated. Trump further asserted that his Executive Order on Digital Assets initiated the development of this strategic reserve.
Following the announcement, cryptocurrencies experienced a significant surge in value. Bitcoin saw an 8% increase, while ether rose by 11%. Notably, XRP surged by an impressive 33%. Additionally, Solana's SOL token jumped by 22%, and Cardano's ADA coin soared more than 60%. This rapid growth illustrates the market's positive reaction to the proposed reserve.
Trump first introduced the idea of a national bitcoin stockpile last summer at the Bitcoin 2024 conference in Nashville. The former president reiterated his commitment to positioning the U.S. as a leader in the cryptocurrency landscape. "I will make sure the U.S. is the Crypto Capital of the World," he declared, underscoring his vision for America's role in global digital finance.
The announcement also sets the stage for further discussions at the upcoming White House Crypto Summit scheduled for Friday. Industry experts anticipate that the summit will provide additional insights into the plan and its implications for the future of cryptocurrencies in the United States.