President Donald Trump announced Sunday his administration is moving to create a U.S. “strategic reserve” of cryptocurrencies, sending digital asset

President Donald Trump is throwing his support behind the creation of a federal reserve of cryptocurrency assets — he initially highlighted XRP, Solana,

Some Bitcoiners also believe that a reserve could serve as a hedge against inflation. They point to the fact that the dollar has gotten less valuable over time, and argue that Bitcoin’s value could be stronger than the dollar’s during global economic crises.

Bitcoin was down 9.47 percent at $85,321.69 each. The cryptocurrency market’s total valuation remains above a trillion dollars, with Bitcoin holding the largest share.

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.

Trump said his January executive order on digital assets would create a stockpile of currencies including bitcoin, ether, XRP, SOL and ADA.

In a post on his Truth Social, the president told followers he would create a basket of digital assets similar to the strategic petroleum reserve, which Trump saID would include crypto leaders Solana, Cardano, Bitcoin, and Ethereum. Typically, such reserves are used in times of crisis or supply chain disruptions.

President Donald Trump said Sunday that he is directing his newly created digital assets working group to move forward on creating a “crypto strategic reserve” along the lines of existing U.S. reserves of gold and oil.

Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies.