Bitcoin and major cryptocurrencies Ripple’s XRP, solana and cardano have rocketed higher after Donald Trump revealed plans to create a U.S.-focused crypto reserve.
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The bitcoin price shot toward $90,000 per bitcoin following Trump’s post, despite not being named as being included in the planned U.S. crypto reserve.
Ripple’s XRP and ethereum rivals solana and cardano—all regarded as U.S.-made cryptocurrencies—each rose between 20% and 50%.
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U.S. president Donald Trump has announced the creation of a crypto reserve, sending the price of … [+]
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA,” Trump posted to his Truth Social account, referring to Ripple’s XRP, solana and cardano and without mentioning bitcoin.
“I will make sure the U.S. is the crypto capital of the world. We are making America great again.”
The bitcoin price and wider crypto market—including Ripple’s XRP, solana and cardano—all surged following Trump’s election victory in November, climbing as traders bet he would following through on his campaign promises to roll back Biden-era regulatory crackdowns on crypto markets and companies.
In December, Trump confirmed he plans to establish a U.S. bitcoin strategic reserve. “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
“Yes, I think so,” Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.
In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
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The bitcoin price rose sharply following Donald Trump’s post, announcing he planned to create a … [+]
Alongside plans to create a bitcoin reserve, Trump and his family—led by Trump’s sons Don Jr and Eric—have been expanding their businesses into the world of bitcoin, crypto and blockchain-based decentralized finance (DeFi).
Last month, the Trump family-backed World Liberty Financial, a crypto platform that is expected to facilitate users earning yield through stablecoin and allow them to borrow bitcoin and crypto, began buying up various cryptocurrencies, including the ethereum-based wrapped bitcoin.
Meanwhile, Trump’s social media company Trump Media and Technology Group (TMTG), which runs the Truth Social platform and has recently announced its expanding into the world of crypto and finance, has taken steps toward launching a bitcoin exchange-traded fund (ETF)—putting on course to compete with the likes of Wall Street giants BlackRock and Fidelity.
