United States President Donald Trump has named five cryptocurrencies for his proposed reserve of digital assets, sending prices of the tokens soaring, reports Al Jazeera.
Bitcoin, Ethereum, XRP, Solana, and Cardano will be included in a “Crypto Strategic Reserve”, Trump said on his Truth Social platform on Sunday.
Trump, who in January signed an executive order to examine the creation of a “strategic national digital assets stockpile”, said the move would “elevate” the industry after years of “corrupt attacks” by the administration of former US President Joe Biden.
“I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” the US president said on his social media platform.
Cardano jumped more than 70 percent following Trump’s announcement, while XRP and Solana rose more than 30 percent and 20 percent, respectively.
Bitcoin and Ethereum, which are the largest cryptocurrencies by market value and were not named in Trump’s initial Truth Social post announcing the reserve, gained more than 10 percent.
It remains unclear how Trump’s proposed reserve would work in practice.
The US president’s executive order referring to a digital assets “stockpile” disappointed some crypto enthusiasts, who interpreted the term to mean Washington would only hold on to assets it already has rather than actively buy crypto as implied by a “reserve”.
After branding Bitcoin a “scam” during his first administration, Trump embraced the crypto industry during his re-election campaign, pledging to turn the US into the “crypto capital of the planet”.
Since Trump’s inauguration, his administration has moved to roll back regulatory crackdowns initiated by the Biden administration.
The Securities and Exchange Commission announced last week that it had dropped civil charges brought against Coinbase, the largest crypto exchange in the US, after pausing or abandoning litigation against Binance, OpenSea, Robinhood and Uniswap.
Trump, whose family has racked up billions of dollars in crypto wealth by launching their own tokens, is set to host the first-ever White House Crypto Summit on Friday.
Bd-pratidin English/Tanvir Raihan
