President Donald Trump formally announced plans to establish a United States cryptocurrency reserve on Sunday, causing a surge in Bitcoin and other digital assets.

The announcement sent Bitcoin climbing past $90,000 as investors reacted to the administration’s embrace of digital currencies.

Several cryptocurrencies set to be part of the strategic reserve, including Ripple’s XRP, Solana (SOL), and Cardano (ADA), saw price increases of more than 50% following the news.

Trump had signaled his intention to support the cryptocurrency industry throughout his presidential campaign, courting key figures in the digital asset space.

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Former PayPal executive and crypto advocate David Sacks hosted several fundraising events for Trump, drawing major players in the industry, including Michael Saylor, Brian Armstrong, the Winklevoss twins, and Jesse Powell.

Following his election victory in November, Trump appointed Sacks to lead new presidential councils on artificial intelligence and cryptocurrency.

Sacks was also named the administration’s "crypto czar" and is expected to play a significant role in shaping the government’s approach to digital assets.

On Sunday, Trump officially announced the formation of a strategic cryptocurrency reserve.

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“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump wrote in a Truth Social post.

“I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”

Trump had previously expressed interest in establishing a reserve while on the campaign trail.

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“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC in July.

Beyond the administration’s push for a U.S. cryptocurrency reserve, members of the Trump family have also been expanding their involvement in the digital asset space.

Eric Trump and Donald Trump Jr. have increased their business interests in Bitcoin, cryptocurrency, and blockchain-based decentralized finance (DeFi).

Additionally, Trump Media and Technology Group (TMTG), which operates Truth Social, has signaled interest in expanding into cryptocurrency.

A Forbes report revealed that the company is exploring the launch of a Bitcoin exchange-traded fund (ETF), aiming to compete with major financial firms such as Fidelity and BlackRock.

The announcement of a U.S. cryptocurrency reserve represents a significant shift in federal policy, following years of regulatory battles and uncertainty under the Biden-Harris administration.

Trump’s move has been met with enthusiasm from the cryptocurrency industry, with many viewing it as a step toward legitimizing digital assets at the federal level.

As details of the strategic reserve continue to unfold, analysts are closely watching how the administration will implement the policy and what impact it will have on the broader financial markets.

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