Bitcoin (BTC) price surges past $90,000 as Trump announces crypto strategic reserve

In his initial announcement, Trump announced XRP, Solana (SOL), and Cardano (ADA) as cryptocurrencies to be included in the reserve

U.S. President Donald Trump has announced a crypto strategic reserve for the world's biggest economy,

The president made the announcement in a televised address on Sunday.

In his initial announcement, Trump announced XRP, Solana (SOL), and Cardano (ADA) as cryptocurrencies to be included in the reserve and later said BTC and ether (ETH) would also be part of it.

“This is an economic measure that will help to stabilize our currency and attract investment in the U.S.,” Trump said. “We are the greatest and strongest economy in the world, and we need to be using all of the tools at our disposal to maintain our competitive edge.”

The move comes as the U.S. is facing pressure from China, which has been investing heavily in crypto and blockchain technology. China's central bank has also launched its own digital currency, the e-CNY.

“As the greatest and strongest economy in the world, we must be using all of the tools at our disposal to maintain our competitive edge,” he added.

The president's remarks will be covered in full on Sunday at 8 p.m. ET on major networks and cable channels.

The news would also help the prices of crypto-linked stocks such as Strategy (MSTR), Coinbase (COIN), Robinhood (HOOD), and bitcoin miners such as MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK).

Trump's move will likely bring bullish sentiment back into the digital assets space, which had been languishing for a week.

The crypto prices started to show signs of life on Friday when the white house said Trump would host a crypto summit on March 7. Summit attendees are set to include “prominent founders, CEOs, and investors from the crypto industry.

This story originally appeared on Coindesk