Following a weeks-long slump, recent announcements from President Donald Trump have sparked an upswing in the crypto markets. He revealed plans to establish a national strategic crypto reserve, including prominent cryptocurrencies such as Bitcoin and Ethereum. Criticizing the Biden administration's prior policies, Trump aims to transition the US into a leading role in the crypto space, fulfilling earlier promises to crypto lobbyists. The announcement comes ahead of the inaugural White House Crypto Summit, indicating significant policy shifts in support of the cryptocurrency industry.
In a statement on his Truth Social network, Trump said a crypto working group, which was set up following his inauguration in January, is pressing forward with the reserve's creation.
The move comes before a first-ever White House Crypto Summit on Friday and represents a considerable turnaround in US policy.
Trump said a crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration.
Trump initially mentioned that smaller currencies XRP, Cardano, and Solana would form part of the new national crypto stockpiles.
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