“Ripple, Solana, Cardano included… Aiming to make the US the capital of digital assets”
Trump emphasized during the last election, “If the US doesn’t foster the digital asset industry, China will.”
(Washington, Los Angeles=Yonhap News) Kim Byung-soo and Im Mi-na, Correspondents – On the 2nd (local time), former US President Donald Trump announced plans to promote strategic reserves of digital assets to develop the digital asset (cryptocurrency) industry.
He stated that Bitcoin (BTC) and Ethereum (ETH) would be at the core of the digital asset strategic reserves, with XRP (Ripple), SOL (Solana), ADA (Cardano) also included.
Strategically reserving digital assets is similar to holding a strategic reserve of critical energy sources like oil. It involves the US government not selling off Bitcoin seized from criminals but instead retaining it and possibly purchasing new assets with government funds to maintain a certain level.
In a message on “Truth Social,” a social networking service he founded, President Trump mentioned, “The USA’s digital asset reserve will boost this industry, which is in crisis after years of corruptive attacks by the Biden administration.”
He further explained, “This is why I instructed the working group to promote a digital asset strategic reserve through an executive order on digital assets.”
He confirmed that “XRP, SOL, and ADA will be included in the digital asset strategic reserve.”
Additionally, President Trump stated, “I will make America the world capital of digital assets,” adding, “We are making America great again.”
In a follow-up message, he reiterated, “BTC and ETH, like other valuable digital assets, will be at the core of reserves,” adding, “I also love BTC and ETH.”
The digital asset industry has argued that generating revenue through reserves of Bitcoin and other digital assets could help reduce the US national debt, currently at $36 trillion, and ensure America’s economic dominance if the global economy eventually operates on digital assets.
Throughout his first term, Trump held a negative stance on digital assets, calling them “a scam full of crime.” However, in his re-election campaign, he has adopted a more favorable approach.
Last July, he promised to develop the sector during his speech at the ‘Bitcoin 2024 Conference.’ In an online dialogue in September, he emphasized the necessity by saying, “If we (the US) don’t engage in the digital asset business, China and other countries will.”