President Donald Trump announced plans to form the United States’ first strategic cryptocurrency reserve (SCR). Trump shared the news on his social media platform Truth Social, stating that the reserve will include Bitcoin,

While it’s not known exactly what form such a strategic reserve would take, nor whether the government would seek to buy crypto for the stockpile with taxpayer dollars — a move that would theoretically require approval from Congress — blockchain enthusiasts cheered the news.

Donald Trump’s announcement that the US will include three lesser-known digital tokens in its strategic crypto reserve was greeted with skepticism in the industry, with investors questioning the project’s merits and the coins he selected giving up some of their initial gains from Sunday.