Cryptocurrency prices surged Sunday after President Donald Trump made a surprise announcement from Washington D.C. that his administration is working to establish a “Crypto Strategic Reserve,” a move that highlights his growing embrace of digital assets and his efforts to tie crypto’s success to his presidency.
In a series of social media posts, Trump said the reserve would include lesser-known cryptocurrencies such as XRP, solana, and cardano, in addition to bitcoin and ether—the two largest digital currencies by market value.
The news triggered a market rally, with bitcoin climbing back above $90,000 Monday morning after dipping below $80,000 last week. XRP, solana, and cardano saw dramatic spikes following Trump’s Sunday announcement, though their gains slowed in early trading Monday.
Trump previously pledged on the campaign trail to establish a “strategic national bitcoin” reserve by using assets seized in government enforcement actions. Sunday’s statement marked the first time he has advocated for the government to hold multiple types of cryptocurrencies.
The White House has yet to release further details on the plan, including how much of each cryptocurrency the U.S. would purchase, how it would acquire them, or whether additional digital assets might be included.
Eric Trump, the president’s son, claimed the surge in crypto prices validated his past advice to invest in digital assets. “Hopefully, I made someone’s life just a little bit better,” he posted on social media.
The announcement comes amid Trump’s broader efforts to position himself as a champion of the crypto industry, which has long felt targeted by the Biden administration. Since taking office, Trump has halted or rolled back several high-profile enforcement actions by the Securities and Exchange Commission, earning praise from some industry leaders.
Bitcoin’s price soared past $100,000 following Trump’s election victory last year, with the president taking credit for the milestone. However, the market has struggled since his inauguration, weighed down by concerns over his own failed meme coin launch, the collapse of other politically linked cryptocurrencies, and a major exchange hack attributed to North Korea.
The proposal to include alternative cryptocurrencies beyond bitcoin in the U.S. government’s holdings is expected to spark debate within the industry. While some argue that a diversified reserve could help hedge against financial risks, critics point to crypto’s extreme volatility and the dominance of bitcoin as reasons to be cautious.
Trump is set to host industry leaders at a White House “Crypto Summit” on Friday, where he is expected to further outline his administration’s crypto agenda.
