President Donald Trump has tasked the Presidential Working Group to establish a U.S. Cryptocurrency Reserve. The chief executive said in a post on Truth Social Sunday that a Crypto Strategic Reserve would ensure that the United States becomes the Crypto Capital of the World.
Building a National Crypto Stockpile
In his social media post, Trump specifically mentioned that Bitcoin, Ethereum, XRP, Solana and Cardano will be included in the reserve, with “BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve.” In a follow up post, he declared his love for BTC and ETH.
In January, Trump issued an executive order to create a working group that would propose a regulatory framework on digital assets. According to a White House press release, the President’s Working Group on Digital Asset Markets will be chaired by a special adviser for artificial intelligence and crypto.
Details about the upcoming crypto stockpile remain unclear, but Forbes pointed out that the executive order suggests that the reserve would be derived from cryptocurrency the federal government seized from law enforcement activities.
How the Market Reacted
Immediately after Trump issued the EO on Sunday, the value of various cryptocurrencies shot up. Cardano’s coin reported a 60 percent increase following the announcement. Solana, meanwhile, surged by 25 percent and XRP rose by 33 percent.
Bitcoin and Ether, which have been declining recently, rose 10 percent and 13 percent, respectively.
The White House will host a Crypto Summit on Friday.
