Cryptocurrency prices jumped after Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund.

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.

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,