Trump Announces Cryptocurrency Strategic Reserve, Bitcoin Soars by $10,000
On Sunday, Trump posted on social media that the U.S. will create a cryptocurrency strategic reserve, which will include Bitcoin, Ethereum, as well as Ripple, Solana, and Cardano.
In response to this news, cryptocurrencies surged on Sunday. The post stated: "For years, the Biden administration has unjustly suppressed the cryptocurrency industry, and the U.S. cryptocurrency reserve will elevate this crucial sector. I will ensure that America becomes the world's cryptocurrency capital."
In a subsequent post, he also mentioned: "Clearly, Bitcoin and Ethereum will be the core of this reserve." Following the announcement, Ripple surged by 33% on Sunday, Solana jumped by 22%, Cardano increased by over 60%, and Bitcoin rose by $10,000, peaking at nearly $95,000.
This is the first time Trump has explicitly expressed support for establishing a cryptocurrency 'reserve' rather than a 'reserve inventory.' A 'reserve' implies a proactive and planned acquisition of cryptocurrencies, while a 'reserve inventory' merely means the U.S. government will not sell any of the cryptocurrencies it currently holds.
