Donald Trump’s plans to establish a government stockpile of cryptocurrencies took a notable step forward this past weekend, as the president unveiled the five assets he plans to include in his federal crypto reserve. The U.S. will be the “Crypto Capital of the World,” Trump said in a Truth Social post touting relatively low-profile assets like XRP, solana and cardano as the first currencies to join better-known brands bitcoin and ether in a stockpile designed to “elevate this critical industry after years of corrupt attacks by the Biden Administration.” Perhaps unsurprisingly, the value of the currencies named has skyrocketed in the wake of Trump’s announcement.
At the same time, Trump’s crypto-forward plans for the American economy have begun alarming financial experts who warn that crypto’s extreme market volatility and susceptibility to manipulation could spell trouble for the country. As Trump continues pushing for a national cryptocurrency stockpile, why are economists raising their red flags, and what — if anything — can they do about it?
Sign up for The Week’s Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
