Trump announces US crypto reserve: What it is, and why it matters
United States President Donald Trump on Sunday announced his government would create a national strategic crypto reserve that would include five cryptocurrencies, adding he would make the US “the crypto capital of the world”.
In a statement on his Truth Social network, Trump said a crypto working group, which was set up following his inauguration in January, is pressing forward with the reserve’s creation, fulfilling promises he first made to crypto lobbyists during his election campaign.
Following his Sunday announcement, values of the named currencies, including Bitcoin, soared, following what has been a weeks-long slump.
In move comes before a first-ever White House Crypto Summit on Friday and represents a considerable turnaround in US policy. Former President Joe Biden’s administration cracked down on the industry because of suspicions of fraudulent transactions. Trump himself was a crypto skeptic during his first term as president. At the time, he had called Bitcoin – the largest cryptocurrency – a “scam”.
In his Sunday announcement, though,Trump criticised the Biden-era policies, calling them “corrupt”.
Trump said a “crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration…I will make sure the US is the crypto capital of the world. We are making America great again.”
