Donald Trump, the newly elected president of the United States, has officially announced the names of five digital coins he expects to add to a new crypto strategic reserve. This announcement incited a market spike, and the price of Bitcoin surged above 94,000 on Sunday evening. Trump listed XRP, ADA, SOL, ETH, and BTC in the reserve, which he announced through Truth Social.
Donald Trump is all set to add Five Cryptocurrencies to the U.S. Strategic Reserve!
U.S. President, Donald Trump has selected five cryptocurrencies to include in a new crypto strategic reserve. Trump officially confirmed this news through Truth Social on Sunday, Donald Trump stated via Truth Social that a U.S. Crypto Reserve would elevate the critical industry after years of corrupt attacks by the Biden Administration. He explained that his Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.
He also assured that he would make sure the U.S. became the Crypto Capital of the World and emphasized that they were making America great again. He also added that, obviously, BTC and ETH, as other valuable cryptocurrencies, would be the heart of the Reserve. He also mentioned that he loved Bitcoin and Ethereum. This news has facilitated the price surge of all the coins mentioned above, which led to a global rally. As per the latest information, the market capitalization of the crypto industry surged by nearly $329 billion in just three hours.
Cynthia Lummins, the United States Senator proposed the idea of a national strategic Bitcoin reserve at the conference in Nashville, where Donald Trump introduced the concept of a Bitcoin stockpile, which would keep all the BTC that the U.S. government currently possesses. The voice for Bitcoin Reserve grew louder after Trump was elected as the new U.S. president. Adam Blumberg, co-founder and vice president of advisory services, at Enclave Group, strongly opposed the concept and made a bold statement.
He stated that the next election could result in a new administration that would need to find money to pay off debt, social security, and other obligations. He suggested that they might sell the reserve, expressing his disapproval of the idea of the U.S. government, or any government, owning the most decentralized asset ever. He added that this was not the purpose for which it was created and that it places too much power in the hands of the federal government, which is always operating on a four-year or even two-year cycle.
Trump’s Official Announcement and Global Rally of the Cryptocurrencies!
The official announcement of the inclusion of five cryptocurrencies into the U.S. Strategic Reserve prompted a notable increase in the value of digital currencies. The price of the currencies had been in decline in the previous days due to the disturbs associated with Trump’s tariff threats and new scandals.
As of Sunday evening, Bitcoin price jumped over $94,000 reportedly having a 6% increase from the early price. The latest information suggests that BTC had managed to trade as high as $95,136. Ether(ETH), the second-largest cryptocurrency in the market surged around 13% and traded at $2,516 on Sunday. Solana (SOL) was up about 24% and traded at $175.46, the XRP token reportedly jumped around 31% and reached $2.92, Cardano (ADA) showed a significant rise of 71% and traded at $1.1 on Sunday. After the continuous buzz in the crypto market followed by Trump’s post, he also mentioned that cryptocurrencies like Bitcoin and Ether would be central to the new U.S. crypto reserve.
Pro-crypto attitude and inclination towards crypto and digital assets were one of the powerful strategies of Donald Trump’s election campaign. The Republican president managed to get sumptuous support from the crypto community and he quickly decided to omit or alter their existing crypto policies. The enhanced performance of cryptocurrencies is because of the pro-crypto attitude that drives the U.S. president. The experts and analysts from the arena believe that Trump’s administration could be highly beneficial to the crypto market and the American economy, and Trump is on the verge of hosting the first White House Crypto Summit on Friday.
