Donald Trump Announces US Cryptocurrency Reserve

US President Donald Trump on Sunday revealed the first details regarding the creation of the US Strategic Cryptocurrency Reserve, which will include key digital assets to support the industry and strengthen the US’s position in this field.

In his initial announcement via the Truth Social platform, Trump indicated that the reserve will include XRP, SOL, and ADA, but he did not mention Bitcoin (BTC) or Ethereum (ETH), which sparked widespread controversy among followers.

After mixed reactions from the crypto community, he later clarified that BTC and ETH will also be a key part of the reserve.

On this, President Trump stated:

The US Cryptocurrency Reserve will support this vital industry after years of corrupt attacks by the Biden administration, which is why I directed my executive order on digital assets to the Presidential Task Force to move forward with the strategic reserve, which will include XRP, SOL, and ADA.

The Presidential Task Force on Digital Assets is scheduled to hold a summit on Friday, March 7, bringing together representatives from the cryptocurrency industry and the government to discuss the next steps.

The Role of Congress in Supporting the Reserve:
Senator Cynthia Lummis introduced a bill to create a strategic reserve of Bitcoin, where she proposed that the Treasury Department buy one million Bitcoins over five years, representing 5% of the total supply of Bitcoin.

She previously spoke about this project during the Bitcoin conference in Nashville, where Trump also gave a speech.

With this announcement, Trump’s pro-crypto approach stands out, a major shift compared to previous administrations.

With the approach of the crypto summit on Friday, all eyes will be on how this reserve will be implemented, and whether it will affect monetary policy and the global crypto market.

It is worth noting that the market value of cryptocurrencies rose by 10% in a matter of hours, bringing it to $3.27 trillion.