Bitcoin as the centerpiece

Trump announces “crypto reserve” for the USA

Trump wants to ensure that the USA becomes the "crypto capital".(Bild: AFP/OZAN KOSE)

US President Donald Trump has announced the names of cryptocurrencies to be included in a new strategic reserve for the first time. Currencies such as Bitcoin and Ether are to be "at the heart of the reserve". In a post, Trump also named XRP (Ripple), SOL (Solana) and ADA (Cardano).

"I will make sure that the US is the crypto capital of the world," wrote the Republican. However, it is not yet clear how the future reserves are to be built up. The declared crypto fan Trump had ordered the formation of a working group for digital assets. It is to examine by July whether the US government should create a strategic Bitcoin reserve.

Under his Democratic predecessor Joe Biden, the regulatory authorities were still cracking down on the industry, partly due to concerns about money laundering and fraud. In recent weeks, however, the prices of cryptocurrencies have fallen sharply. Some of the largest digital currencies have given back almost all their gains after Trump's election victory triggered a wave of enthusiasm in the industry.

Trump's posting about adding tokens to the reserve is "clearly a positive shock to the crypto scene and a shot in the arm for a market that desperately needs a catalyst to change the bear trend to the downside," said Chris Weston, head of research at Australian online broker Pepperstone. 

ECB President Lagarde against Bitcoin reserve
ECB President Christine Lagarde is against the creation of a reserve with Bitcoin, the world's leading cryptocurrency. Currency reserves must be secure, liquid and protected, the head of the European Central Bank said recently. "They should also not be plagued by suspicions of money laundering or other criminal activities," she added. She therefore does not assume that bitcoins will end up in the reserves of the central banks of the euro countries.