Trump Backs National Crypto Reserve, Boosting Bitcoin and Altcoins

In a significant development, former U.S. President Donald Trump has expressed his support for a national cryptocurrency reserve, with Bitcoin at its core. In a recent Truth Social post, Trump advocated for the U.S. to stockpile several digital assets, including XRP (XRP), Solana (SOL), and Cardano (ADA), in addition to Bitcoin (BTC) and Ethereum (ETH).

This announcement marks a shift in Trump's stance on cryptocurrencies, as he previously criticized them. The former president first floated the idea of a national Bitcoin reserve at the Bitcoin 2024 meeting in Nashville, Tennessee, where he referred to Bitcoin as an asset of strategic value. Now, by including more tokens in his vision, Trump has underscored the importance of digital assets in the market.

Following Trump's announcement, the cryptocurrency market experienced a price increase in the listed assets. SOL, ADA, and XRP surged by up to 62%, while Bitcoin and Ethereum jumped by more than 10% each on Sunday. The President's Working Group on Digital Assets has been directed to explore the plan, but details on how the reserve would be structured remain vague.

Trump has also announced the inaugural White House Crypto Summit, set for March 7. The event will bring together industry executives and the Digital Asset Working Group to discuss U.S. crypto regulation, running a national cryptocurrency reserve, monetary policy, and market manipulation protections.

With Trump's administration taking a more open posture towards cryptocurrencies, the future of the industry in the U.S. could be significantly impacted. Changes in policy related to taxes, trade, and rules may follow, although the timeline for real action remains uncertain. The market is currently responding to Trump's disclosure, and a shift in the government's attitude towards cryptocurrencies could have substantial implications.