President Trump's announcement of the creation of a crypto strategic reserve has created a stir in the cryptoverse. Let's focus on this:
A crypto strategic reserve will be created, including Bitcoin
Trump has not yet expressed a direct interest in Bitcoin; his investment (World Liberty Financial) has not acquired BTC, but in terms of reserves, the federal and state governments were simply discussing Bitcoin reserves. This time, Trump caused confusion in the cryptoverse by announcing the establishment of crypto strategic reserves using XRP, SOL, and ADA; however, he later made another post in which he adored BTC and ETH and spoke of forming a reserve with them and other valuable cryptocurrencies.
Why XRP in Trump's crypto strategic reserve?
XRP co-founder Chris Larsen took an anti-Trump stance during the presidential election, raising issues about Trump's choice to include XRP in the strategic reserve. I believe Trump is putting aside his personal antipathy. The US Department of Justice Civil Division and FinCEN officially accepted XRP as a convertible virtual currency, making it open for reserve for the US at this time.
SOL and ADA will also be added to the US crypto strategic reserve
The rationale for announcing the formation of SOL and ADA reserves is unclear, but I believe SOL was chosen for the efficient development of memecoins, DeFi, and NFT applications; the TRUMP memecoin is also based on it. ADA was most likely placed in a strategic reserve since it is an academic research platform. So Trump may find both useful.
Originally published at Wubits as thread
