Trump Reveals Five Cryptocurrencies for Proposed U.S. Strategic Reserve, Sending Prices Soaring

Image of Donald Trump next to a Bitcoin

U.S. President Donald Trump has unveiled a list of five cryptocurrencies he wants to include in a proposed national strategic reserve, aiming to position the United States as "the Crypto Capital of the World."

Following his announcement, the named cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—experienced significant price surges. The revelation aligns with Trump's ongoing efforts to gain support from the crypto community, a stark contrast to the previous administration’s stricter approach to digital assets over fraud and security concerns.

Details on how this reserve will function remain unclear, but more information is expected on Friday when Trump will host the White House's first-ever Crypto Summit. In a social media post on Sunday, he stated that he had signed an order instructing the Presidential Working Group to move forward with the initiative, specifically mentioning XRP, Solana (SOL), and Cardano (ADA).

Shortly after, he followed up with another post confirming that Bitcoin (BTC) and Ethereum (ETH) would also be central to the reserve. The news sent the first three coins soaring by as much as 62% on Sunday, while Bitcoin and Ethereum each saw gains of over 10%.

This marks a turnaround in Trump's stance on crypto, as he previously dismissed Bitcoin as a "scam" in a 2021 interview. However, since taking office in January, he has signed an executive order establishing a working group to explore new crypto regulations and policies, including the possibility of a government-controlled digital asset stockpile.

While it remains uncertain whether such a reserve would require congressional approval, Trump's recent embrace of digital assets—including the launch of his and Melania Trump's own cryptocurrencies—has drawn criticism, with some questioning whether he is leveraging policy for personal financial gain.