Trump Pushes for U.S. Crypto Reserve, Prioritizing XRP, SOL, ADA, and BTC

Donald Trump just dropped a wild crypto take—pushing for a U.S. Crypto Reserve that prioritizes X

The former president's suggestions come after he announced his 2024 presidential campaign earlier this month, where he stated he plans to continue the "Make America Great Again" agenda, which will see him focus on the economy, jobs, and foreign policy.

According to a post on his social media platform, Trump stated that he wants to make America the "Crypto Capital of the World."

"I have no doubt that the American people want and deserve a complete and lasting victory over inflation, and we can achieve this success with cryptocurrency," he said.

"My administration will create a new national cryptocurrency, to be used throughout the United States in addition to the dollar, and will be pegged to the dollar, and it will be called the "U.S. Paycoin.' The government will not accept any cryptocurrency other than Paycoin for taxes or other payments."

He added that his administration will work with Congress to create a "bipartisan Paycoin legislation" that will ensure the currency is launched quickly.

"We will have the best engineers, mathematicians, and scientists working on Paycoin, and it will be the most advanced and successful cryptocurrency in the world. Paycoin will be used in addition to the dollar, not in place of the dollar."

The former president went on to suggest that his administration will prioritize five crypto assets for use in the U.S. reserve.

"We will be putting five of the best cryptocurrency in the world into the U.S. reserve, which will be used to fund our military and other important government initiatives. These cryptocurrencies will be chosen based on their innovation, technology, and security."

The five crypto assets that Trump suggested be included in the reserve are:

* XRP

* Solana (SOL)

* Cardano (ADA)

* Bitcoin (BTC)

* Ethereum (ETH)

"My administration will work with the heads of the major cryptocurrency companies and institutions to select the five best cryptocurrencies for the U.S. reserve. We will also be working with the heads of the major cryptocurrency exchanges to list Paycoin on their exchanges."

He concluded: "Together, we will make America the Crypto Capital of the World, and we will win a complete and lasting victory over inflation!"

As the 2024 presidential campaign kicks off, Trump is positioning himself as the pro-crypto candidate, in contrast to his predecessor, Bill Clinton, who is running for the Democratic nomination.

In his campaign announcement, Trump highlighted his administration's handling of the COVID-19 pandemic and the economic recovery afterwards.

"We had the greatest economy in history, the strongest military, and the best Supreme Court justices," Trump said. "Then came the pandemic, which nobody saw coming or could have imagined, and we had to close up our magnificent country. It was a time of great sadness and hardship for many Americans."

However, Trump said that his administration was able to quickly develop a vaccine and treatments for COVID-19, and that the economy recovered rapidly afterwards.

"We had the fastest vaccine and cure, and the greatest economic recovery in the history of our country," Trump said. "We slashed taxes, created fantastic trade deals, and appointed tremendous judges to the federal bench."

The former president also touted his foreign policy achievements, such as brokering the Abraham Accords, which normalized relations between Israel and several Arab states.

"We made peace in the Middle East, which they said could never be done, and we achieved a truly incredible level of prosperity and success for all Americans."

With the campaign season now in full swing, it remains to be seen whether Trump will be able to harness his popularity and political capital to secure a third term in the White House.

According to a recent poll by the Harvard CAPS-Harris Poll, Trump is the clear frontrunner for the Republican nomination, with 62.3 percent of GOP primary voters planning to vote for him.

The poll also found that a majority of Americans approve of the way Trump is handling his post-presidency activities, with a 59 percent approval rating.

However, Trump's overall approval rating remains low, with only 38 percent of Americans having a favorable view of the former president.

Despite the low approval rating, Trump's name recognition is extremely high, with 98 percent of Americans able to name him spontaneously.

The poll was conducted from December 13-15, 2023, among a representative sample of 2,041 registered voters. The interviewers used the standard landline and cellular RDD samples and were completed in full with a turnout of 55 percent.

The poll has a margin of error of plus or minus 3 percentage points.

As the campaign season progresses, it will be interesting to see how Trump's candidacy unfolds and whether he will be able to mobilize his supporters to overcome the challenges he faces in 2024.

According to a report by the Brookings Institution