President Trump Announces Tokens for the Strategic Crypto Reserve Will Include Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH)

President Donald Trump's announcement of tokens for the Strategic Crypto Reserve has sent major cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), and Ripple (XRP) skyrocketing.

President Donald Trump’s announcement of tokens for the Strategic Crypto Reserve has seen major cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), and Ripple (XRP) today.

In a post on Truth Social, Trump announced that while Bitcoin and Ethereum will be at the heart of the reserve, the list also includes XRP, Solana (SOL), and Cardano (ADA).

Despite not being on the list, Dogecoin hitched a ride with its fellow tokens, surging over 11% at the time of writing.

“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 said.

Trump’s announcement also saw Bitcoin skyrocket past the $90,000 mark again after it fell to $84,000 last week. At the time of writing, Bitcoin was up by nearly 8%.

Crypto-linked stocks like Strategy Inc. (MSTR), Marathon Holdings Inc. (MARA), Hut 8 Corp. (HUT), among others, also surged to close on a positive note on Friday.

While Strategy and Marathon Holdings stocks gained over 6%, mining stocks like Hut 8, Cipher Mining Inc., (CIIN) and Terawulf Inc. (TERW) saw more substantial gains of 2.6%, 2.3% and 16%, respectively. Riot Platforms Inc. (RIOT) ended Friday with over 7% gains.

Adding to the momentum is the first White House crypto summit that is set to be held this Friday.

However, despite the Trump administration’s moves to revitalize the crypto industry, retail investors on Stocktwits.net seem to think that this could adversely impact one of its core tenets: decentralization.

In a Stocktwits poll of more than 4,200 votes, 38% of the users said they think crypto is moving toward centralization, with big money taking over. Another 16% of users believe decentralization is already dead.

On the other hand, 27% of the votes insisted that crypto is still decentralized, and 19% think the community still has power.

Meanwhile, retail sentiment around Bitcoin flipped to enter the ‘bullish’ (63/100) territory from ‘bearish’ a day ago. Message volumes also saw a spike.

One user quipped about the massive surge across the crypto sector.

Another user mocked Bitcoin bears.

It's funny how the Bitcoin bears get more and more desperate the higher Bitcoin goes. They started with "Bitcoin will crash to zero!" Then it was "Bitcoin will never reach $50,000!" Now they're saying "Bitcoin is a scam and everyone who invests in it is an idiot!"

Come on bears, what's next? "Bitcoin is an alien conspiracy!"

Only time will tell what new lows the Bitcoin bears will reach next. But one thing is for sure: they won't be able to stop Bitcoin from surging even further. #Bitcoin

— Charles (BTC $50k by 4thQ 2023) (@crypto_investor0) January 13, 2024

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