Trump announced on Sunday that America will be creating a new monetary system. "crypto reserve" This will be a digital asset that includes XRP Solana and Cardano.
His initial post to Truth Social excluded Bitcoin from the list, which confused observers who wondered why the largest crypto asset by market cap wouldn't be included in such a reserve. Trump responded to confusion by posting a clarification to Truth Social.
"And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the reserve. I also love Bitcoin and Ethereum!" Trump said.
The president stated in his post on Truth Social Sunday that the decision was made to help the country become more prosperous. "crypto capital of the world."
"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," “He said” "I will make sure the U.S. is the crypto capital of the world."
Solana, XRP, and Cardano have skyrocketed in value since Trump's post was published. XRP has jumped 21% in the last 24 hours to a price of $2.61—the highest price in more than a week. Solana is now up 12.5% at $158, and Cardano has risen 37%, to $0.87. This is the highest it’s been in over a week.
Bitcoin's price is also rising, getting a larger bump following Trump's mention in his second post. It's up more than 7.6% to a current price above $91,000.
Bitcoiners had expressed concern that the President would not follow through on his pledge to establish a strategic cryptocurrency reserve. In January, prominent crypto firm Ripple—whose co-founders created XRP—was accused of attempting to "undermine" The creation of a Bitcoin reserve is a major effort.
Trump said during his election campaign that the United States would create a Bitcoin strategic reserve. During a speech at Bitcoin 2024 in Nashville, he said, "As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future."
After the Biden administration, regulators took a hard line against the crypto industry and sued major players in the sector. SEC backed off from several of these investigations and cases, which included major players Coinbase OpenSea Robinhood.
Editor's note: This story and its headline were updated after publication with additional detail and to include mention of Trump's plan to include both Bitcoin and Ethereum in the reserve.
Andrew Hayward is the editor