Cryptocurrency prices surge due to Trump's statement

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US President Donald Trump announced the creation of a cryptocurrency reserve. This led to a sharp increase in cryptocurrency prices. This was reported by the BBC.

According to Trump, the crypto reserve will include five coins - Bitcoin, Ethereum, XRP, Solana and Sardano. How the new reserve will work is still unknown. On March 7, Trump is said to be planning to hold the first Crypto Summit at the White House.

On March 2, the president said that the working group had signed a program “directing the government to move forward with a strategic reserve that includes the cryptocurrencies XRP, SOL and ADA.” Since then, Bitcoin and Ethereum have risen by 10%, while the other three coins have risen by up to 62%.

Trump has previously been a crypto critic, telling Fox News in 2021 that bitcoin is a “fraud.” But in recent weeks, both he and his wife Melania Trump have launched their own cryptocurrencies, prompting accusations that they are trying to profit from White House policies.

For reference, in 2022, former US President Joe Biden also implemented a number of reforms to cryptocurrency policy.

What was Biden’s cryptocurrency policy?

Former US President Joe Biden oversaw the fight against cryptocurrencies due to concerns about fraud. The main objectives of this program are:

- Protecting consumers and investors;
- Promoting financial stability;
- Combating illicit financing;
- US leadership and economic competitiveness in the global financial system;
- financial inclusion.

This also includes digital assets such as responsible innovation, and through this project, the US has established a comprehensive cryptocurrency policy. Follow “Zamin” news on “Telegram”