Trump includes Bitcoin in US strategic reserve plan, sparking market surge
U.S. President Donald Trump's and U.S. first lady Melania Trump's X accounts promoting the new meme coins $TRUMP and $MELANIA coins are seen on a mobile phone screen in front of Bitcoin's logo in Ankara, Türkiye on January 21, 2025. (AA Photo)
United States President Donald Trump on Sunday named five cryptocurrencies under consideration for inclusion in a new U.S. “strategic reserve,” causing their values to skyrocket and partly reversing a recent slump in the market.
In a post to his Truth Social network, the U.S. president said a working group he set up shortly after taking office is moving forward with the reserve, which will include three smaller cryptocurrencies: XRP, Solana, and Cardano.
The value of all three digital currencies shot up on the news, with XRP trading up around 34 % at 1:00 pm local time in Washington (1800 GMT). Solana gained around 22 %and Cardano rose more than 63 %.
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 % and 12 % respectively.
Rally among cryptocurrencies
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.
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.
