U.S. President Donald Trump has named five cryptocurrencies he wants to be part of a new strategic reserve - in other words, crypto holdings owned by the U.S. government.

Trump named five cryptocurrencies he wanted in a potential national reserve so the US could become "the Crypto Capital of the World".

Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies.

The rift over the president’s proposed grab-bag of tokens signals a rocky political road ahead for one of the administration’s most audacious tech proposals. Underlying the issue: His administration has yet to articulate how it intends to reconcile the president’s “America First” agenda with crypto networks that are intended to be decentralized and borderless by design.

Prices for bitcoin and the like have soared after Donald Trump set out plans for a U.S. cryptocurrency reserve. He said in a social media post that the stockpile would include bitcoin and ether, as well as smaller tokens XRP,

Government purchases for the “Crypto Strategic Reserve” will include bitcoin and other lesser-known digital tokens, President Donald Trump said on social media.

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.