The President of the United States, Donald Trump, has once again boosted the cryptocurrency market by announcing that he will include Cardano, Solana, and Ripple in the future strategic reserve of crypto assets.
Trump created a task force upon returning to the White House, with the goal of designing and creating a strategic reserve of cryptocurrencies for the United States Government. This project has raised legal concerns since, by law, the Federal Reserve cannot custody crypto assets.
Nevertheless, this has not stopped the President of the United States from showcasing his power to ignite the cryptocurrency industry.
Following his announcement, Solana, Cardano, and XRP, Ripple's currency, have seen their value surge, currently recording increases of 21%, 61%, and 32%, respectively.
"I will ensure that the United States becomes the crypto capital of the world," stated the President in his post on the Truth social network, after a week where Bitcoin had dropped below the $80,000 mark. The world's most popular cryptocurrency is now up by 10% following these statements, reaching $93,799.
Trump has amassed a fortune with cryptocurrencies after launching the $Trump, his memecoin, which is also hosted on the Solana platform. The cryptocurrency initially surged to $75 upon its launch but is currently valued at $15, highlighting the highly speculative nature of such launches.
However, a paradigmatic example of the problematic relationship between crypto assets and power emerged just two weeks ago in Argentina with Javier Milei and the $Libra crypto scam. The currency was introduced to the market promoted by the Argentine President, causing losses for thousands of investors but yielding multimillion-dollar profits for its promoters.