US President Donald Trump announced Friday that he is considering adding five cryptocurrencies to the country’s new strategic cryptocurrency reserve, CBS News and Reuters reported Wednesday, to make the United States“The cryptocurrency capital of the world.”.
According to the report, Donald Trump posted on his own social media platform, realsocial, that, his executive order on digital assets, issued in January, will create a reserve of currencies including Bitcoin, Ethereum, ripple, Solana and Ada. “Bitcoin and Ethereum are clearly going to be the core of the currency reserve,” he wrote in a post shortly after
President Donald Trump, file photo: China Vision
In January, Donald Trump signed an executive order establishing a working group to study digital assets. The working group is charged with assessing the feasibility of establishing a National Digital Asset Reserve and developing a clear regulatory framework for the encryption industry. Donald Trump did not specify any digital assets when he signed the executive order.
The value of the five cryptocurrencies named by Donald Trump soared on the news, reversing some of their recent decline, AFP said. In the hours after Donald Trump’s announcement, the total value of the cryptocurrency market rose by about 10 per cent, or more than $300bn, according to figures.
It is said to be not the first time Trump and members of his team have weighed in on the cryptocurrency industry. Donald Trump had previously been a critic of cryptocurrencies, telling Fox Fox News Channel bitcoin was a“Scam” in 2021, the BBC said.
According to US media, Donald Trump 2024 quickly to support the cryptocurrency industry after securing its support during the presidential election campaign. In recent weeks, Donald Trump and his wife, Melanya, have also been accused of trying to profit from White House policy by launching their own cryptocurrency. Elon Musk, the American billionaire, also regularly promotes cryptocurrencies on social platform X. The White House had announced in a statement that Donald Trump would attend its first cryptocurrency summit on January 7 to further bolster support for the industry.