The US President has said that Bitcoin, Ethereum, XRP, Solana and Cardano will be included in the “Crypto Strategic Reserve.”
US President Donald Trump has nominated five cryptocurrencies for the reserve of proposed digital assets, causing the price of tokens to soar.
Bitcoin, Ethereum, XRP, Solana and Cardano will be included in the “crypto-strategic sanctuary,” Trump said on his Truth Social Platform on Sunday.
Trump, who signed an executive order in January to investigate the creation of a “strategic national digital assets stockpile,” said the move would “promote” the industry after years of “corrupted attacks” managed by former US President Joe Biden.
“I confirm that the United States is the world’s crypto capital. We’re making America great again!” the US president said on his social media platform.
Cardano jumped over 70% following Trump’s announcement, while XRP and Solana rose over 30% and 20% respectively.
Bitcoin and Ethereum are the biggest cryptocurrencies by market value and were not nominated in Trump’s first true social post, which announced the reserve, but they won over 10%.
It remains unclear how Trump’s proposed spare actually works.
The US President’s executive order referring to “stockpiling” of digital assets has disappointed some crypto enthusiasts who interpreted the term Washington already possessed, rather than actively purchasing crypto as “reserves” implied.
After branding “scam” during its initial management to Bitcoin, Trump has pledged to embrace the crypto industry during his reelection campaign and turn the United States into the “crypto capital of the planet.”
Since Trump took office, his administration has moved to roll back the crackdown on restrictions launched by the Biden administration.
The Securities and Exchange Commission announced last week that it had withdrawn civil charges brought against Coinbase, the largest US crypto exchange, after suspending or waived lawsuits against Vinance, Opensey, Robinhood and Uniwop.
Trump, whose family has launched their own tokens to win billions of dollars of crypto wealth, is set to hold his first White House Script Summit on Friday.