Donald Trump announced a plan to create a “Crypto Strategic Reserve” for the United States. This is a big deal for the crypto world.
A Crypto Reserve?
Trump’s plan, detailed in a recent executive order, involves including cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA) in this reserve. He wants to make the US the “Crypto Capital of the World,” a key promise from his 2024 presidential campaign. He claims this move will boost the crypto industry after what he calls “corrupt attacks” by the Biden administration.
Earlier Plans and Other Opinions
Trump’s January executive order supported blockchain and digital assets but didn’t create a crypto reserve. It suggested further study into the idea. Interestingly, Senator Cynthia Lummis is pushing for a Bitcoin-focused reserve, proposing the US buy 1 million Bitcoin. She thinks states might adopt Bitcoin reserves before the federal government does.
Market Reaction
Following Trump’s announcement, XRP, SOL, and ADA prices surged. XRP jumped almost 30%, Solana rose by about 20%, and Cardano saw the biggest increase, shooting up over 52%.
