President Donald Trump mentioned this Sunday five cryptocurrencies that his government is considering for a new “strategic reserve” of the United States, which caused their values to soar and partially reverse a recent decline. In a post on his Truth Social network, the Republican magnate said that a task force he created shortly after taking office in late January is moving forward with the formation of the reserve, which will include three smaller-tier cryptocurrencies: XRP, Solana, and Cardano.
The value of these three cryptocurrencies rebounded with the news, and XRP was trading up 34% at 1:00 PM in Washington (18:00 GMT). Solana gained about 22% and Cardano rose more than 63%. A few minutes later, Trump posted again, noting that other valuable and already widespread cryptocurrencies, such as Bitcoin and Ether, would be at “the heart of the Reserve,” which caused the price of the two main digital currencies to increase by more than 10% and 12%, respectively.
These messages from Trump helped stimulate a broad rally among digital currencies, which had plummeted in recent days as the magnate’s tariff threats and new scandals affecting the sector shook investor confidence in these highly volatile assets. Nor is it the first time that Trump and his inner circle have commented on the cryptocurrency sector.
Both Trump and his wife Melania recently launched their own branded meme coins, prompting accusations that they were looking to profit from their political success. Billionaire businessman Elon Musk—Trump’s political ally and now head of an entity in charge of cutting federal spending to improve government efficiency—has also frequently promoted cryptocurrencies on his own social network, X.
