Bitcoin and other cryptocurrency prices jumped after President Donald Trump named them in a post about a crypto strategic reserve.
The price of Bitcoin jumped more than 10% on Sunday, after President Donald Trump said it would be part of a Crypto Strategic Reserve, along with a handful of other digital currencies.
Although he didn’t initially mention Bitcoin by name, he did name smaller digital assets whose prices also spiked. In a post on Truth Social, Trump said his executive order on digital assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.
In the original post, Trump said “I will make sure the U.S. is the Crypto Capital of the World.”
Ripple’s XRP cryptocurrency was up more than 37% at midday on Sunday after the post, at around $2.95, according to prices on CoinDesk. SOL, or Solana, was up 23%, at $173.44, and Cardano, or ADA, was up more than 68%, at just over $1.07.
In a separate post, Trump added the names Bitcoin, the largest digital currency, and Ethereum to the list as “the heart of the Reserve.”
Bitcoin’s price went from $85,247.85 at 10:15 a.m. to $92,801.62 at 12:20 a.m., according to CoinDesk.
Ethereum’s price jumped from $2,204.05 at 10:15 a.m. to $2,475.60 after his post.
Trump once criticized crypto’s but embraced the digital currencies during his campaign. During a Bitcoin conference in Nashville last summer, he brought up the idea of a national Bitcoin stockpile.
At that same conference, the idea of a national strategic Bitcoin reserve was introduced. After Trump returned to the White House in January, he signed an executive order instructing the working group to evaluate the formation of such a reserve but he didn’t directly mandate the creation of one.
