The value of five cryptocurrencies soared after U.S. President Donald Trump revealed his plans to include them in a new strategic reserve. Trump stated that these digital currencies are part of an effort to make the United States “the Crypto Capital of the World.”
On Sunday, he announced on social media that he had signed an order instructing the Presidential Working Group to establish a Crypto Strategic Reserve. The reserve will include XRP, SOL, and ADA, among other cryptocurrencies.
Shortly after, he made a follow-up post, adding: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”
This announcement came just a day after the White House confirmed it would host its first Crypto Summit on March 7.
Uncertainty Surrounding the Crypto Reserve
While Trump’s statement sparked excitement in the crypto market, many details remain unclear. The former president assured that further information would be released on Friday.
Trump’s support for cryptocurrency marks a sharp contrast to his predecessor, Joe Biden, who took a stricter approach. Under Biden’s administration, crypto faced increased regulations due to concerns over fraud and money laundering.
During his 2024 presidential campaign, Trump actively engaged with the crypto community, promising policies that would promote digital assets in the U.S.
Crypto Prices Experience Major Jump
Following Trump’s announcement, the market responded swiftly. The three cryptocurrencies mentioned in his initial post surged by 62% on Sunday, while Bitcoin (BTC) and Ethereum (ETH) also climbed over 10% each.
This sudden rise came after a period of decline in cryptocurrency values, which had suffered following the 2024 U.S. presidential election.
Trump’s Shift in Crypto Stance
Back in 2021, Trump was a vocal critic of cryptocurrency, calling it a "scam" during an interview with Fox News. However, his perspective seems to have changed.
In January 2025, he signed an executive order establishing a presidential working group to develop crypto laws and regulations. The order directed officials to explore the creation and management of a national digital asset reserve, potentially using cryptocurrencies seized by the federal government in legal actions.
However, it is still unclear whether Congress needs to pass legislation for the reserve to become official.
Adding to the controversy, Trump and his wife, Melania Trump, recently launched their own cryptocurrencies. This has led to accusations that the former president is using his political influence to benefit financially from new crypto policies.