President Donald Trump announced Sunday his administration is moving to create a U.S. “strategic reserve” of cryptocurrencies, sending digital asset markets surging.
Trump said the reserve would include Bitcoin, Ethereum, XRP, Solana and Cardano — five of the largest and most actively traded cryptocurriencies. The move reinforces the president’s pivot toward the industry after longstanding skepticism from previous administrations, and from Trump himself.
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which 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.” Trump wrote in a Truth Social post Sunday. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
The announcement comes as the Trump administration moves to reverse course on the Biden-era regulatory crackdown on digital assets, initially through a January executive order establishing the “President’s Working Group on Digital Asset Markets,” which has been tasked with developing policy recommendations for the sector.
Trump’s declaration immediately sent prices of the named cryptocurrencies soaring, with XRP spiking by more than 30%, Solana up 22% and Cardano surging over 60%. Bitcoin and Ethereum, the two largest digital assets by market value, also saw double-digit percentage emphasized they would be “at the heart of the Reserve” in a follow-up post.
“And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!” Trump said.
The president is expected to unveil more details at the first-of-its-kind White House Crypto Summit on Friday.
“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 White House wrote in a Friday statement, according to The Hill. “The Summit will be chaired by the White House A.I. & Crypto Czar David Sacks, and administered by the Working Group’s Executive Director Bo Hines.”
Trump, who said cryptocurrency was “not money” and “based on thin air” in 2019, became increasingly friendly with the industry throughout his 2024 presidential campaign, promising to foster a more crypto-friendly regulatory environment and potentially position the U.S. as a leader in the digital asset space. In the month following his election last November, Bitcoin surged more than 40% to all-time highs, surpassing $100,000.
The president also promised to make the United States the “crypto capital of the planet,” likening the crypto sphere to the “steel industry of 100 years ago” at the annual Bitcoin conference in July.
Bitcoin’s price hovered around $93,000 as of Monday.
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