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The market prices of five cryptocurrencies shot up after US President Donald Trump revealed the names of five coins that he’d like to be included in the new strategic reserve. Trump said these five currencies intend to make the US “the Crypto Capital of the World”. In a social media post on Sunday, Trump revealed that he signed an order which “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA”.

About an hour later, he added in another post: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.” The announcement from the POTUS came a day after the White House announced that it would be hosting the first Crypto Summit on March 7.

However, it is unclear how the new stockpile will work, and Trump assured that more information is expected to come on Friday. During his presidential campaign last year, the Republican firebrand aggressively courted the crypto community. Trump’s stance is contradictory to that of his predecessor, Joe Biden, who imposed a crackdown on crypto due to concerns about fraud and money laundering.

The prices of three crypto coins mentioned in Trump’s first post jumped by 62 per cent on Sunday. Meanwhile, Bitcoin and Ethereum also jumped by more than 10 per cent each. This marked a significant upward tick to crypto pieces, which had dropped sharply after the 2024 US Presidential elections.

In January this year, Trump signed an executive order to create a presidential working group tasked with proposing new crypto laws and regulations. The order called on the group to “evaluate the potential creation and maintenance of a national digital asset stockpile” that could use “cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”

However, it is unclear whether creating a new national strategic stockpile would require an act of Congress. In the past, Trump has been one of the biggest crypto critics, telling Fox News in 2021 that it is a “scam”. However, recently, both he and his wife, Melania Trump, have launched their cryptocurrencies, leading to accusations that they are trying to profit from his White House policies.

With inputs from agencies.