Cryptocurrency prices have jumped after Donald Trump revealed he would like Bitcoin and other lesser-traded tokens to be in a new US strategic crypto reserve.
He said his January executive order on digital assets would create a stockpile of currencies including Bitcoin, Ethereum, XRP, Solana and Cardano (ADA).
The names had not previously been announced.
The American president said in a post on Truth Social: “A US 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.”
“I will make sure the US is the Crypto Capital of the World.”
“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve,” he said in a follow-up post. “I also love Bitcoin and Ethereum!”
Bitcoin, the world’s largest cryptocurrency by market value, rose over 11% to $94,164 after Sunday’s announcement.
Ethereum, the second-largest cryptocurrency, was up around 13% at $2,516.
XRP surged 33% while the token tied to Solana jumped 25%. Cardano’s coin soared more than 60%.
Bitcoin was trading up more than 20% from last week’s lows.
The total cryptocurrency market rose about 10%, or more than $300bn (£238bn), in the hours since the announcement, according to cryptocurrency data and analysis company CoinGecko.
This is the first time Mr Trump has specified his support for a crypto “reserve” rather than a “stockpile”. While the former assumes actively buying crypto in regular installments, a stockpile would not sell any of the crypto currently held by the US government.
Mr Trump is hosting the first White House Crypto Summit on Friday, and investors will be watching closely for more clues about the direction of the reserve plans.
His family have also launched their own coins, including his wife Melania.
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Mr Trump first introduced the idea of a Bitcoin stockpile, which would “keep 100% of all the Bitcoin the US government currently holds or acquires into the future” last summer at major industry conference Bitcoin 2024 in Nashville.
After his re-election to the White House in November, there were more calls for a strategic Bitcoin reserve, helping to send the price of the flagship cryptocurrency to new all-time highs.
Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in an attempt to protect Americans from fraud and money laundering.
Under Mr Trump, the Securities and Exchange Commission has withdrawn investigations into several crypto companies and dropped a lawsuit against Coinbase, the largest crypto exchange in the US.
But in recent weeks, crypto prices have fallen sharply, with some of the biggest digital currencies erasing nearly all of the gains made after Mr Trump’s election win triggered excitement across the industry.
