United States President Donald Trump has identified five cryptocurrencies for inclusion in a newly proposed strategic reserve, a move he claims will establish the US as "the Crypto Capital of the World".
His remarks led to a sharp surge in the market prices of the five digital assets.
The cryptocurrencies named by the President—Bitcoin, Ethereum, XRP, Solana, and Cardano—witnessed immediate gains following the announcement.
While Bitcoin and Ethereum surged over 10 per cent each, the other three saw increases of up to 62 per cent on Sunday.
Trump made the declaration via a social media post on Sunday, stating that he had signed an order directing "the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA".
An hour later, he added: "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve."
The announcement marks a shift in Trump’s stance on cryptocurrency. In 2021, he had dismissed Bitcoin as a "scam" during a recent interview.
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However, since his return to office, Trump has actively courted the cryptocurrency community, a contrast to his predecessor Joe Biden, under whose administration the sector faced stringent regulatory crackdowns.
Despite the declaration, specifics regarding the implementation of the crypto reserve remain ambiguous.
The President is expected to provide further details on Friday during the inaugural Crypto Summit at the White House.
Trump had previously signed an executive order shortly after taking office in January, establishing a presidential working group tasked with drafting new cryptocurrency laws and regulations.
This directive also included an evaluation of "the potential creation and maintenance of a national digital asset stockpile" that could incorporate "cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts".
It remains uncertain whether such a national strategic reserve would require congressional approval.
The announcement has generated mixed reactions, with some industry analysts questioning the feasibility of maintaining a crypto reserve while others view it as a landmark shift in the government’s approach to digital assets.
Critics have also pointed out the potential conflict of interest, as both Trump and his wife, Melania Trump, have recently launched their own cryptocurrencies. This has led to allegations that the initiative may be financially motivated.
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