Trump Names Cryptocurrencies for 'Digital Asset Stockpile' in Social Media Post
Despite a January announcement that America would explore the idea of a national digital asset stockpile, the exact cryptocurrecies weren't specified. Today on social media the president posted that it would include bitcoin, ether, XRP, Solana's SOL token and Cardano's ADA, reports CNBC — prompting a Sunday rally in cryptocurrencies trading.
XRP surged 33% after the announcement while the token tied to Solana jumped 22%. Cardano's coin soared more than 60%. Bitcoin rose 10% to $94,425.29, after dipping to a three-month low under $80,000 on Friday. Ether, which has suffered some of the biggest losses in crypto year-to-date, gained 12%... This is the first time Trump has specified his support for a crypto "reserve" versus a "stockpile." While the former assumes actively buying crypto in regular installments, a stockpile would simply not sell any of the crypto currently held by the U.S. government.
"The total cryptocurrency market has risen about 10%," reports Reuters, "or more than $300 billion, in the hours since Trump's announcement, according to CoinGecko, a cryptocurrency data and analysis company."
"A U.S. Crypto Reserve will elevate this critical industry..." the president posted, promising to "make sure the U.S. is the Crypto Capital of the World," reports The Hill:
His announcement comes just after the White House announced it would be welcoming cryptocurrency industry professionals on March 7 in a first-of-its-kind summit... It's unclear what exactly Trump's crypto reserve would look like, and while he previously dismissed crypto as a scam, he's embraced the industry throughout his most recent campaign.
at Slashdot.