Trump announces the creation of a strategic reserve of cryptocurrencies

The President of the United States, Donald Trump, announced that his administration will create a strategic cryptocurrency stockpile for his country, which will include Cardano's ADA, Solana's SOL token, XRP, ether, and bitcoin. Through a post on his Truth Social network, the Republican leader reported that "A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why 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. I will make sure the U.S. is the Crypto Capital of the World." In a second release, Trump detailed, "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!"

The U.S. president's release represents the first time Trump has publicly specified his support for a "reserve" of digital currencies rather than a "hoard." Cryptocurrency experts have detailed that while the former involves actively purchasing digital coins in regular installments, the term "hoard" means holding cryptocurrencies that the U.S. government already owns without selling them.

Cryptocurrency market soars.

Following Trump's announcement, the cryptocurrency market experienced a sharp rise, with all cryptocurrencies mentioned in his Truth Social post skyrocketing. Cardano's coin was up more than 60%, while the Solana-linked token rose 25%, XRP 33%, bitcoin 10% and ether 13%. What was experienced by the latter cryptocurrency was the most remarkable case, taking into account that ether has suffered massive losses in recent months.

Trump's announcement came a day after the White House announced that it will host the first Cryptocurrency Summit and that it would be held on March 7. In a statement, the White House revealed that Trump would give a speech at the event, which will be chaired by the newly appointed artificial intelligence and cryptocurrency czar, David Sacks.