Crypto Prices Surge as Trump Endorses Five Coins for National Reserve

In an ambitious move to position the U.S. as the "Crypto Capital of the World," Trump has proposed the establishment of a strategic reserve that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. This announcement led to significant price increases across these cryptocurrencies, with some seeing up to a 62% surge.

The former president, who had earlier criticized Bitcoin as a "scam," is now pushing for the creation of a national digital asset stockpile. In a recent social media post, Trump stated he had directed the Presidential Working Group to advance this initiative, which aims to legally use cryptocurrencies seized by federal authorities. A key event, the Crypto Summit at the White House, is set for Friday and will provide more details on this ambitious plan.

Interestingly, this proposal comes after a period of significant downturn for cryptocurrencies, exacerbated by stringent regulations under the previous administration led by Joe Biden. Trump’s recent engagement with the crypto community, including launching his and Melania’s own coins, adds layers of complexity and skepticism surrounding his sincerity and motivations. As the crypto market reacts, investors are eager to learn more at the upcoming summit, which could influence the future of digital assets in the U.S.