Key points
- Bitcoin, ether, XRP, Solana and Cardano among Trump’s picks
- Bitcoin, ether see 10pc rise following the news
- Trump moves quickly to back crypto industry policy priorities
ISLAMABAD: United States (US) President Donald Trump announced on social media the names of five digital assets, he expects to include in a new US strategic reserve of cryptocurrencies.
Trump’s post on his social networking site Truth Social sent the currencies’ prices soaring.
Bitcoin, Ethereum, XRP, Solana, and Cardano will be included in a “Crypto Strategic Reserve”, the US president announced through the platform on Sunday.
Trump said that his January executive order on digital assets would create a stockpile of currencies.
The US president said a working group he set up shortly after taking office is moving forward with the reserve.
Values shoot up
The value of all three digital currencies shot up on the news, with XRP trading up around 34 per cent at 1:00 pm local time in Washington (1800 GMT). Solana gained around 22 per cent and Cardano rose more than 63 per cent.
A few minutes later, Trump posted again, noting that other valuable cryptocurrencies, including bitcoin and ether, would be at “the heart of the Reserve,” causing the price of the two major digital currencies to rise more than 10 per cent and 12 per cent, respectively.
Trump’s posts helped spur a broad rally among cryptocurrencies, which had plummeted in recent days as Trump’s tariff threats and new scandals affecting the sector shook investor confidence in the highly volatile assets, AFP reported.
Not the first
Sunday’s posts are not the first time that Trump and those in his orbit have weighed in on the crypto sector.
Both Trump and his wife, Melania, recently launched their own branded meme coins, sparking accusations that they were seeking to make money from his political success.
And the billionaire chief executive Elon Musk — a close political ally whom Trump has tasked with leading a government efficiency drive — has frequently promoted cryptocurrencies on his own social media network, X.
