Bitcoin Surges As Trump Names Cryptos In Strategic Reserve

The price of Bitcoin surged more than 10%, surpassing $94,000, after President Donald Trump announced it would be part of a Crypto Strategic Reserve alongside a handful of other digital currencies.

Bitcoin is the oldest and largest cryptocurrency.

Trump has vowed to make the U.S. the world’s crypto capital, Barron’s Daily reported.

Trump, who once dismissed cryptocurrencies as a “scam,” embraced them during his campaign.

At a Bitcoin conference in Nashville last summer, he floated the idea of a national Bitcoin stockpile. In January, he directed a working group to evaluate forming a reserve but stopped short of mandating one.

Recently, in a social media post, Trump confirmed he had signed an executive order instructing the group to move forward with the Crypto Strategic Reserve. Initially, he named Ripple’s XRP, Solana, and Cardano as part of the reserve, later adding Bitcoin and Ethereum to the list.

Following the announcement, XRP’s price surged over 30% as of Sunday evening, according to CoinDesk. Solana rose more than 20%, Cardano jumped 68%, and Ethereum gained over 12%.

Bitcoin, the oldest and largest cryptocurrency, also saw a significant increase.

Bitcoin first crossed the $100,000 threshold in December, driven by expectations of lighter regulation under Trump, who appointed crypto-friendly Paul Atkins to lead the Securities and Exchange Commission (SEC). Since then, the SEC has dropped several crypto-related cases.

However, the mechanics of creating a crypto reserve remain unclear.

Bo Hines, a 29-year-old former college football player, has been tasked with overseeing Trump’s crypto industry initiatives. He is expected to host a White House summit with crypto companies on Friday.