President Trump has proposed the inclusion of Bitcoin, Ethereum, XRP, Solana, and Cardano in a “Crypto Strategic Reserve,” leading to a surge in cryptocurrency prices. His initiative aims to position the US as the leading country in the crypto market while signaling a shift from previous regulatory attitudes. The practicality of the reserve remains unclear, and Trump is also hosting a White House Crypto Summit soon.
In a bold move, President Donald Trump announced the inclusion of five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—into a proposed “Crypto Strategic Reserve.” This revelation, shared via his Truth Social platform, sent the prices of these digital assets soaring, showcasing a surge of enthusiasm within the crypto market.
The president’s plan, stemming from an executive order earlier this year, aims to elevate the cryptocurrency industry after what he described as years of “corrupt attacks” from the previous administration. Trump declared, “I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Following the announcement, Cardano surged over 70%, with XRP and Solana also experiencing gains of more than 35% and 20% respectively. Bitcoin and Ethereum, the giants of the crypto world, rose more than 20%, despite not being specifically mentioned in Trump’s initial post about the reserve.
However, the practical aspects of Trump’s proposed reserve remain uncertain. Some cryptocurrency enthusiasts expressed disappointment, believing the term “stockpile” implies a passive holding of existing assets rather than an active acquisition strategy.
Trump’s relationship with cryptocurrency has evolved significantly since his first administration, when he labeled Bitcoin as a “scam.” His current push for the digital currency sector aligns with his efforts to position the US as a leader globally in this budding market.
Further heightening interest, Trump is set to host the inaugural White House Crypto Summit on Friday. His family’s substantial investments in the crypto realm, fueled by the launch of their tokens, add another layer to this unfolding story.
President Trump has ignited excitement in the cryptocurrency sector by naming five significant digital currencies for a potential national reserve. This initiative underscores his ambition to turn the US into a dominant force in the crypto space, although questions remain regarding the execution of this reserve. With various cryptocurrencies experiencing substantial gains post-announcement, it will be interesting to monitor the developments and implications of this strategy in the near future.
Original Source: www.aljazeera.com
