France – 20/01/2025: In the illustration in this photo, President Trump, a Trump meme, can be seen appearing on his smartphone screen. (Photo illustrations by Romain Doucelin/SOPA Images/Lightrocket via Getty Images)
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Cryptocurrencies gathered on Sunday after President Donald Trump announced the creation of a strategic crypto sanctuary in the United States. Bitcoin and ethersimilarly XRPSolana Sol Token and Cardano Adahe said in a post about the True Society.
“U.S. cryptocurrency reserves will raise this important industry after years of corruption attacks by the Biden administration. That’s why my executive order on digital assets has directed the presidential working group to advance cryptocurrency strategic reserves, including XRP, SOL and ADA,” the Post said. “We confirm that the United States is the world’s crypto capital.”
“And obviously, BTC and ETH, like other valuable cryptocurrencies, will be at the heart of the reserve,” he said in a follow-up post. “I love Bitcoin and Ethereum too!”
XRP skyrocketed 33% after its announcement, but tokens tied to Solana jumped 22%. Cardano coins have skyrocketed over 60%.
Bitcoin and Ether won 9% and 11% respectively.
Trump is holding its first White House Script Summit on Friday, with investors looking closely at more clues on the direction of the reserve plan.
This is the first time Trump has designated his support for the “spare” and “stockpile” of code. The former involves aggressively purchasing cryptocurrencies in normal installments, but the stockpile does not sell cryptocurrencies currently owned by the US government.
Bitcoin jumps to Trump announcement for strategic crypto sanctuary
Trump first introduced the idea of ​​a national Bitcoin stockpile last summer and began courting crypto voting at Nashville’s Bitcoin 2024, one of the largest conferences in the industry. At the same event, Wyoming Sen. Cynthia Lumith introduced the proposal for a National Strategic Bitcoin Reserve.
After being re-elected in November, the strategic Bitcoin Reserve drumbeat grew, sending the flagship cryptocurrency prices to the highest ever high. It appears to have stopped after Trump issued his executive order in Crypto in late January. He called on the President’s working group on Crypto to evaluate the “potential creation and maintenance of national digital asset stockpiles that could have been derived from cryptocurrencies legally seized by the federal government through law enforcement efforts.”
The industry has had a warm response to language. This is because investors were hoping to focus on Bitcoin, while the term “digital assets” suggested that other cryptocurrencies could be included without providing details in the stockpile.
“The launch of the US Crypto Strategic Reserve marks a crucial moment for digital assets, reflecting a major step in government engagement with the crypto industry,” said Federico Brokate, US Business Director at 21Shares. “This initiative not only strengthens Bitcoin’s role as a mature repository of value, but also highlights the importance of blockchain networks such as Ethereum, Solana, XRP and Cardano in financial infrastructure, payments and distributed finances.”
Bitcoin, which has no crypto-specific catalysts, has been integrated since the executive order. It closed its worst month since 2022.
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