The encryption prices are rising as Trump reveals the “Strategic Reserve” initiative “

In a sudden, previous step President Donald Trump Plans to create a “strategic coding reserve” have been revealed, leading to an immediate increase in the prices of the main cryptocurrencies.

The Bitcoin (BTC), ETHEREUM (ETH), XRP, Solana (Sol) and Cardano (ADA), which all witnessed a significant increase in prices after Trump’s announcement.

The news comes after Trump made a bold claim on the social media platform, that the United States will become “the capital of the world in the world.”

In a series of publications, he explained how his executive will direct the presidential work group to move forward in creating a national encryption reserve. The reserve will carry major cryptocurrencies like XRP, Sol and Ada, while BTC and ETH will also play a major role.

according to Business InsiderTrump’s advertisement was made madly. XRP increased by 30 %, Solana increased 21 %, Cardano increased by 61 %.

Bitcoin and Ethereum also witnessed gains, with a 9 % bitcoin increased and ETHEREUM increased by 12 %. By Sunday noon, ETHEREUM was traded at $ 2,500, while Bitcoin reached 94,069 dollars, according to Coingecko.

This step is a flagrant contradiction to Trump’s previous position in encrypted currencies. During his presidency, he called Bitcoin A “fraud” and expressed his concerns about his volatility.

However, his recent comments and actions indicate a complete shift in his position. In fact, the recent Trump initiative is compatible with a pledge pledged in July at the Bitcoin 2024 conference, where he pledged to retain the assets of the encrypted currency of the federal government in the “Bitcoin Reserves”.

However, this last announcement goes further through the proposal of the active purchase of the cryptocurrency of the reserve, instead of just holding the seized assets.

Trump Eyes of the National Cryon Reserve to combat the instability of the market

The strategic reserve idea is not new; The United States is already reserves precautions for commodities such as oil.

These reserves are allocated for use in times of supply chain crisis or disorders. Likewise, “Trump’s strategic reserves” can be a protection against market fluctuations or other unexpected challenges in the coded currency area, BBC He said.

Trump’s advertisement renewed interest in digital currencies, which witnessed a shrinkage after height after his election. This step also highlights its increasing participation with the encryption world.

In recent months, Trump and his wife, Melania, have launched their encrypted currency projects, adding fuel to speculation that they may seek to benefit from the increasing interest in digital currencies.

While the details of how the encryption reserve works is still unclear, more details are expected to appear on Friday when Trump hosts the first encryption summit in the White House.

Trump’s last step comes at a time when the cryptocurrency market is facing the increasing scrutiny.

His previous administration, during the era of President Joe Biden, had started a campaign to encrypt due to fears about fraud and money laundering. It remains to see how the new reserve will affect the future regulations and policies surrounding digital currencies.

It was originally published on VcPost.com