France – 20/01/2025: In the illustration in this photo, President Trump, a Trump meme, can be seen appearing on his smartphone screen. (Photo illustrations by Romain Doucelin/SOPA Images/Lightrocket via Getty Images)
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Cryptocurrencies gathered on Sunday after President Donald Trump announced the creation of a strategic crypto sanctuary in the United States. Bitcoin and ethersimilarly XRPSolana Sol Token and Cardano Adahe said in a post about the True Society.
“U.S. cryptocurrency reserves will raise this important industry after years of corruption attacks by the Biden administration. That's why my executive order on digital assets has directed the presidential working group to advance cryptocurrency strategic reserves, including XRP, SOL and ADA,” the Post said. “We confirm that the United States is the world's crypto capital.”
“And obviously, BTC and ETH, like other valuable cryptocurrencies, will be at the heart of the reserve,” he said in a follow-up post.
XRP skyrocketed 33% after its announcement, but tokens tied to Solana jumped 25%. Cardano coins have skyrocketed over 68%.
Bitcoin and Ether won 7% and 11% respectively.
Bitcoin jumps to Trump announcement for strategic crypto sanctuary
Trump is holding its first White House Script Summit on Friday, with investors looking closely at more clues on the direction of the reserve plan.
Trump first introduced the idea of a national Bitcoin stockpile last summer and began courting crypto voting at Nashville's Bitcoin 2024, one of the largest conferences in the industry.
After being re-elected in November, the strategic Bitcoin Reserve drumbeat grew, sending the flagship cryptocurrency prices to the highest ever high. It appears to have stopped after Trump issued his executive order in Crypto in late January. He called on the President's working group on Crypto to evaluate the “potential creation and maintenance of national digital asset stockpiles that could have been derived from cryptocurrencies legally seized by the federal government through law enforcement efforts.”
But while the industry had a warm response to the language, some expected investors to focus on Bitcoin, the term “digital asset” suggests that other cryptocurrencies can be included without doing anything specific in the stockpile.
Bitcoin has been integrated since the executive order. It has just closed its worst month since 2022, and its performance was driven by macro uncertainty due to the absence of a crypto-specific catalyst.
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