President Donald Trump has named five cryptocurrencies he expects to be included in a national strategic reserve, giving their prices a significant boost.
“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 Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump posted on Truth Social.
In a follow-up post, he added, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
In response to the announcement, Bitcoin posted an 11% increase, at $94,164, on Sunday afternoon. Ether, the world’s second-largest cryptocurrency, was up 13%, at $2,516.
The cryptocurrency market as a whole was up about 10%, at a total value of $300 billion, in the immediate hours after Trump’s posts, according to CoinGecko.
“This move signals a shift toward active participation in the crypto economy by the U.S. government,” said Federico Brokate, head of U.S. business at 21Shares, a digital assets investment management firm.
“It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation.”
President Donald Trump will hold the first ever White House Crypto Summit this Friday.
According to a statement released by the White House, “President Trump will host and deliver remarks” at the event.
“Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President’s Working Group on Digital Assets.”
The event will be chaired by Trump’s AI and Crypto Czar, David Sacks.
President Trump has described AI and cryptocurrency as being “two areas critical to the future of American competitiveness,” and slammed the Biden administration for stifling innovation and growth in cryptocurrency in particular.
Trump embraced cryptocurrency during his campaign, as he promised to make the US the “crypto capital of the planet” and build a national stockpile of Bitcoin. He became the first major presidential candidate to accept cryptocurrency donations.
The crypto industry spent nearly $120 million backing pro-crypto candidates in the election. That campaign was largely a success, and saw the unseating of avowed enemies of crypto like Senate Banking Chair Sherrod Brown in Ohio, and wins for pro-crypto candidates in Michigan, West Virginia, Indiana, Alabama and North Carolina.
In November, after Trump’s election victory, Bitcoin surged through the symbolic $100,000 barrier for the first time in its history.