Emmanuel OchayiFormer U.S. President Donald Trump has announced a plan to create a Crypto Strategic Reserve, naming five cryptocurrencies that he believes should be included. The announcement caused an immediate surge in the value of these digital assets, as investors reacted to the news.
Trump stated that the reserve would help make the U.S. the “Crypto Capital of the World.” He revealed that Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) would be at the heart of this initiative.
Join our WhatsApp Channel“The Presidential Working Group has been directed to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump posted on social media Sunday. He followed up with another post an hour later, adding, “And, obviously, BTC and ETH will also be at the heart of the Reserve.”
READ ALSO: Zelenskyy Not Ready For Peace, Says Trump After Oval Office Clash
Crypto Prices Surge After Trump’s Announcement
Shortly after Trump’s statement, the market responded sharply. The three lesser-known coins he first mentioned XRP, Solana, and Cardano jumped by up to 62% on Sunday. Bitcoin and Ethereum also rose by more than 10% each.
Trump’s latest comments mark another shift in his stance on digital currencies. While his administration previously took a strict approach to crypto regulations, he has now positioned himself as a strong supporter of the industry.
Biden’s Crypto Crackdown vs. Trump’s New Approach
During his 2024 presidential campaign, Trump actively engaged with the crypto community. He presented a stark contrast to his predecessor, Joe Biden, whose administration took a harder stance on digital currencies due to concerns about fraud and money laundering.
Shortly after taking office in January, Trump signed an executive order to establish a working group focused on cryptocurrency regulation. The order directed officials to examine the possibility of maintaining a national digital asset stockpile, which could include cryptocurrencies lawfully seized by the federal government.
However, questions remain about how the Crypto Strategic Reserve would function. Experts expect more details to be revealed during the first-ever Crypto Summit at the White House on Friday.
Trump’s Changing Views on Bitcoin and Crypto
Trump’s latest move is a dramatic shift from his earlier stance. In 2021, he told Fox News that Bitcoin was “a scam” and a threat to the U.S. dollar. However, his recent pro-crypto statements have raised speculation about his financial interests.
In recent weeks, both Trump and his wife, Melania Trump, have launched their own cryptocurrencies. This has led to criticism from political opponents, who argue that he may be using his position to influence the market for personal gain.
Uncertainty Over Congressional Approval
The idea of a national crypto stockpile raises legal and economic questions. It is unclear whether Congress would need to approve the creation of such a reserve. Some financial analysts argue that government involvement in crypto markets could lead to increased regulation, while others believe it may boost confidence in digital assets.
With the Crypto Summit set for Friday, investors and policymakers alike are waiting to see how Trump plans to turn his vision into reality.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
