Donald Trump’s «America First» strategy could affect the pool of cryptocurrencies that will be included in the US strategic reserve. According to anonymous sources, priority will be given not to Bitcoin or Ethereum, but to coins based in the US.
Donald Trump’s «America First» strategy could affect the pool of cryptocurrencies that will be included in the US strategic reserve. According to anonymous sources, priority will be given not to Bitcoin or Ethereum, but to coins based in the US.
Bitcoin and cryptocurrencies, including Ripple’s XRP and Ethereum competitor Solana, have surged since Donald Trump’s election. The price of Bitcoin, currently hovering around $100,000 per bitcoin, has more than doubled in the past year, bringing the combined market for Bitcoin, Ethereum, XRP, Solana and other cryptocurrencies to nearly $4 trillion.
A new leak has revealed that the Trump administration may create a broader crypto reserve with a priority on US-created cryptocurrencies such as XRP and Solana.
«America’s strategic reserve will support Solana, a competitor to the more established Ethereum, the USDC stablecoin issued by Circle and supported by the major crypto exchange Coinbase, and XRP, developed by Ripple,» Forbes writes, citing anonymous sources in the New York Post.
Earlier, Circle CEO Jeremy Aller announced on X (Twitter) that his company had contributed $1 million to Trump’s inaugural committee, following the example of other companies seeking to appease the new administration.
In the summer, then-Republican candidate Donald Trump promised to create a «strategic national Bitcoin reserve,» which he said could eclipse gold’s $16 trillion market cap, during a speech at the Bitcoin 2024 conference.
Ripple’s XRP price skyrocketed after Trump’s election victory in November, increasing by about 500% on optimism that the new Trump administration would mean easing regulations that had been weighing on Ripple’s XRP.
Some crypto market participants criticized the idea of abandoning traditional cryptocurrencies in the strategic reserve.
«This is a ridiculous idea and it will never happen. The government has no right to bet venture capital on altcoins. The rumors of a strategic reserve for other coins unrelated to BTC are another example of people taking what is otherwise a bad idea and treating it as fact», — said Quinn Thompson, founder of hedge fund Lekker Capital.
«There’s really only one token that’s sufficiently and purely decentralized today, and that’s Bitcoin,» said Anthony Georgiades, general partner at investment firm Innovating Capital. He added that while the push for innovation in the U.S. is «extremely positive,» the potential «nationalization of digital assets» could undermine efforts to decentralize the blockchain economy.
Recall that earlier it became known which coins are included in Donald Trump’s cryptocurrency portfolio of $11.42 million. It is interesting in that it includes only a few well-known coins and tokens.
