Trump creates cryptocurrency reserve that make United States "crypto capital of world"

By Alimat Aliyeva

Former U.S. President Donald Trump has announced the creation of a new initiative, the United States Cryptocurrency Reserve, which will include leading digital assets such as Bitcoin, Ethereum, Solana (SOL), XRP, Ripple, and Cardano (ADA), as well as other “valuable” cryptocurrencies, Azernews reports.

“The U.S. crypto reserve will help rejuvenate this vital industry, which has been under assault for years by the Biden administration. That’s why my Digital Assets Executive Order has directed the Presidential Working Group to move forward with the creation of a crypto-strategic reserve that will include XRP, SOL, ADA, and others,” Trump emphasized in a statement. "I will ensure that the United States becomes the undisputed crypto capital of the world."

Trump further clarified in a subsequent post that Bitcoin, Ethereum, and other “valuable” digital currencies will also be part of the new U.S. cryptocurrency reserve.

The announcement has already had a significant impact on the market, with the prices of the listed cryptocurrencies soaring. Cardano (ADA) surged by 60%, XRP jumped by 33%, and Solana (SOL) rose by 25%. Meanwhile, Ethereum and Bitcoin also experienced increases of 13% and 10%, respectively.

This move marks a significant shift in the U.S.'s stance on digital currencies and could position the nation as a leading player in the rapidly evolving global crypto market. The announcement comes at a time when governments around the world are grappling with how to regulate and incorporate cryptocurrencies into their economies. Trump's plan to create a national crypto reserve could serve as a model for other countries exploring similar measures.

The future of the U.S. crypto reserve will undoubtedly be a key topic in global finance, as the U.S. looks to leverage its technological and financial infrastructure to harness the potential of digital currencies.