“A US cryptocurrency reserve fund would elevate this important industry after years of attacks by former President Joe Biden’s administration. That is why my Executive Order on Digital Assets directed the Presidential Working Group to promote the establishment of a Cryptocurrency Strategic Reserve Fund,” Mr. Trump posted on Truth Social on March 2. Mr. Trump vowed to turn the US into the “cryptocurrency capital of the world”. Mr. Trump revealed that he is considering 5 cryptocurrencies for the new reserve, including Bitcoin, Ethereum, XRP, Solana, Cardano. Mr. Trump’s statement immediately caused these currencies to increase in price.His statement came shortly after the White House announced it would host a summit for the first time on March 7, welcoming cryptocurrency industry experts.

One of Trump’s first executive orders emphasized that he plans to promote “responsible growth” and use “digital assets” and related technologies to strengthen the economy. Trump’s digital assets working group has six months to present regulatory and legislative proposals related to the industry to the president. It remains unclear exactly how Mr. Trump’s cryptocurrency reserve will operate. Although he has previously dismissed cryptocurrency as a scam, during the recent campaign he has actively supported the industry. David Sacks, a venture capitalist and White House AI and cryptocurrency official appointed by the President, said last week that more details would be revealed at the Crypto Summit on March 7. According to the White House, founders, executives and investors in the cryptocurrency industry will attend. Mr. Trump’s statement immediately caused a number of cryptocurrencies to increase in price.