Politics
JUST IN: Trump Establishes First Ever U.S. Cryptocurrency Reserve
President Trump formally announced plans to create a United States cryptocurrency reserve on Sunday, sending prices of Bitcoin and several additional cryptocurrency assets soaring.
The price Bitcoin, which was not included in the reserve plans but is widely seen as an indicator for the entire cryptocurrency market, surged towards $90,000 after the plans were announced. Prices also soared upwards of 50 percent for a number of coins that will be included in the strategic reserve, including Ripple’s XRP, solana and cardano.
Trump had long suggested that he would be looking to establish a cryptocurrency reserve after courting major players in the digital asset space during his presidential campaign. Former PayPal executive David Sacks,a. major cryptocurrency advocate, hosted a number of fundraisers for then-candidate Trump that drew big names in the cryptocurrency industry, including Michael Saylor, Brian Armstrong, the Winklevoss brothers and Jesse Powell, among several others.
Shortly after winning the election in November, Trump appointed Sacks to form the first ever presidential councils on artificial intelligence and cryptocurrency. Sacks was also tapped to be the president’s crypto czar and is expected to play a massive role in the administration’s embrace of digital assets.
Sacks speaks at the first ever White House cryptocurrency summit
On Sunday, President Trump made good on his campaign promises by announcing the formation of a strategic cryptocurrency reserve. “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 wrote in a Truth Social post.
“I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Trump had previously promised to establish a reserve on the campaign trail. “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 back in July.
In addition to the establishment of a cryptocurrency reserve, the president’s oldest sons, Eric and Donald Jr., have been expanding their businesses into the world of bitcoin, crypto and blockchain-based decentralized finance (DeFI).
In addition, the president’s social media company Trump Media and Technology Group (TMTG), which runs the Truth Social platform, has been signaling interest in expanding into the cryptocurrency sector. According to a report from Forbes, the company has taken steps toward launching a bitcoin exchange-traded fund (ETF) in an attempt to rival Wall Street giants such as Fidelity and Blackrock.
