Trump Announces Crypto Strategic Reserve, Elevating Digital Assets
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On Sunday, President Donald Trump announced the formation of a US Crypto Strategic Reserve, marking a shift in, and elevation of, the government's stance on digital assets.
Key Details: The reserve, which was announced ahead of a White House Crypto Summit on Friday, will include the following five coins: BTC (Bitcoin), ETH (Ethereum), XRP (XRP), Solana (SOL) and Cardano (ADA). Rather than creating a stockpile, as originally described in Trump's Executive Order on January 23, a strategic reserve could indicate that there is some intent behind utilizing the holdings. Policymakers hope the move will enhance national ecnomic stability.
Key Quote: "A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN," wrote Trump on Truth Social.
For Context: Trump's social media posts on Sunday sparked a $300 billion rally in the global market, reversing a global sell-off that occurred over the last few weeks. According to Arkham Intelligence, the US already holds $17 billion worth of bitcoin.
How The Media Covered It: USA Today (Lean Left bias) noted that legal experts and analysts are divided on whether an act of Congress will be needed to set up the strategic reserve. The Daily Mail (Right bias) focused on how the major cryptocurrencies rallied after the announcement.
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