Trump reveals digital assets for ‘crypto strategic reserve,’ boosting Bitcoin and other cryptocurrencies

President Trump has recently announced the digital assets that he intends to include in the US crypto strategic reserve. This move has caused the value of these coins, many of which were previously experiencing a decline, to surge significantly.

The five cryptocurrencies that Trump has set his sights on are Bitcoin, Ether, XRP, Solana, and ADA. In January, Trump signed an executive order to explore the potential establishment and maintenance of a national digital asset stockpile. Now, he refers to this as a “Crypto Strategic Reserve.”

Through a post on Truth Social, Trump shared his intentions, stating, “My Executive Order on Digital Assets directed the Presidential Working Group to proceed with a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will ensure that the U.S. becomes the Crypto Capital of the World.” Additionally, he expressed his endorsement of Bitcoin and Ethereum, which he describes as the core of the Reserve.

Trump did not specify the exact allocation of funds to each digital asset. However, following his announcement, all five coins experienced a significant increase in value, ranging from 8% to 20% by 2 p.m. ET on that Sunday.

Bitcoin, the largest cryptocurrency by market capitalization, had been trading around $86,000 per coin before Trump’s announcement. Following his statement, Bitcoin surged to nearly $93,000. Similarly, Ether’s value increased by 11.6% to approximately $2,476, XRP rose by 11.6% to $2.76, Solana saw a 20% surge to $168.45, and ADA went up by about 11.6% to $0.66.

Of particular note, Solana hosts Trump’s memecoin on its blockchain platform. The Trump memecoin was launched in January, briefly boosting Trump’s estimated net worth to over $60 billion. Although the memecoin experienced a decline from around $44 to $13, it jumped by over 18.5% to $15.39 by 2 p.m. ET on that Sunday.

Members of Trump’s family have also been involved in launching or investing in cryptocurrencies. Throughout his campaign and presidency, Trump has received strong support from the crypto industry, promising a favorable environment for this sector.

Cryptocurrencies have been subject to various fraudulent activities and schemes, including pump-and-dump scams in recent years. Trump plans to host a cryptocurrency White House summit and has appointed David Sacks as the White House czar for cryptocurrency and artificial intelligence.

In conclusion, Trump’s announcement regarding the digital assets to be included in the US crypto strategic reserve has had a significant impact on the market, leading to a surge in the value of the mentioned cryptocurrencies. The allocation of funds to these assets, along with the broader implications for the crypto industry, remains a topic of interest and speculation.