Crypto prices rally after Trump Backs Five Coins for ‘Crypto Reserve’

The President of the United States, Donald Trump says he wants to make the United States of America “the Crypto Capital of the World”. As a result all of the five coins names Cardano, Solana, XRP, Ethereum and of course Bitcoin all saw a massive rally as they shot up in price in the wake of the announcement by Trump. 

The details of how this will work are not yet clear. The President is likely to tell more during his first Crypto Summit at the White House this Friday. On Sunday in a post, he said that he had 

“directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA”.

About an hour after that he went on to add in another post: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”

The first three coins he talked about jumped by up to 62 percent on Sunday.

Bitcoin and Ethereum being way bigger saw smaller jumps of more than 10 percent each.

It was a great day for crypto investors who had taken a hammering after the price drop following the elections. The Biden government had been very anti-crypto. The President during the election campaign had said that he was going to be very pro-crypto and this is going to be great for those who are looking to crypto as a genuine storage of value. 

When he won the elections he made a 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”.

If this will need Congress to approve it is something which is not clear at this point. The President has been pushing the limits of Presidential power with a ton of executive orders which are changing the way America works.

This is a major about turn for the President. He used to call bitcoin a scam. However, now he and his wife have both pumped money into crypto. Conflict of interest is the latest fashionable trend in Washington D.C.

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