Trump orders creation of strategic cryptocurrency reserve
Photo: US President Donald Trump (Getty Images)
US President Donald Trump has ordered work to begin on forming a strategic cryptocurrency reserve. The reserve will include tokens such as XRP, SOL, and ADA, according to Trump's statement on Truth Social and Binance.
According to Trump, the US cryptocurrency reserve will help elevate this critical sector after years of corruption attacks from the administration of former President Joe Biden.
“This 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. I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” he emphasized.
Notably, even though Trump did not mention Bitcoin, one of the largest cryptocurrencies by market capitalization, in his statement, it still increased by several percentage points within minutes.
Trump's impact on cryptocurrency
The cryptocurrency market is actively reacting to Trump. Specifically, on the night of Thursday, December 5, Bitcoin reached $100,000 per coin for the first time. This new record came after Trump announced his administration's appointments, who are believed to be key to starting a pro-cryptocurrency policy when the Republican enters office in January.
At the same time, it should be noted that Trump and his wife, Melania Trump, took a step into the world of cryptocurrency by releasing their own meme coins — Trump and Melania.
This sparked a storm of discussions within the crypto community and beyond, as the launch of tokens by famous politicians is an extraordinary event.
However, by the end of February, it became known that both the stock market and cryptocurrency had started to decline again. Specifically, Bitcoin dropped by 25% from its historic high.
