In a strategic move to align with the burgeoning cryptocurrency sector, President Donald Trump on Sunday announced plans to initiate a “crypto strategic reserve,” incorporating key digital assets like Bitcoin and Ethereum.
Bitcoin climbed over 10% to surpass $94,000, and Ethereum rose above $2,500 in the wake of Trump’s announcement made on the social media platform Truth Social. The smaller cryptocurrencies XRP, Solana, and Cardano also experienced significant gains, all exceeding 20% shortly after the statement.
This initiative follows Trump’s executive order from January targeting digital assets and strengthens his increasing support for cryptocurrencies after receiving support from traders in the 2024 election.
The proposed reserve aims to gather primarily Bitcoin, Ethereum, and other prominent digital currencies, as detailed in the executive order. Plans for the reserve seem to involve cryptocurrency assets previously seized by federal law enforcement agencies.
The overall value of the cryptocurrency market surged approximately 10%, with an increase exceeding $300 billion since Trump’s announcement, reported by CoinGecko. This move is part of Trump’s broader campaign to win over the cryptocurrency industry, including hosting the inaugural White House Crypto Summit, set to occur on Friday. In tandem, his family has also introduced its own line of digital coins.
While details regarding the reserve remain vague, this aggressive courtship of the cryptocurrency sector represents a decisive pivot in Trump’s policy strategy, emphasizing digital assets as a key component of his economic agenda moving forward.
