The CEOs behind crypto exchanges Coinbase and Gemini argue that Bitcoin may be the only cryptocurrency that meets the criteria for being a US reserve asset.
“Only one digital asset in the world right now meets the bar and that digital asset is Bitcoin,” Gemini’s Tyler Winklevoss said in a March 3 X post after US President Donald Trump announced plans to establish a Crypto Strategic Reserve.
Trump said the Crypto Strategic Reserve would include Solana (SOL), Cardano (ADA) and XRP (XRP) in addition to Bitcoin (BTC) and Ether (ETH).
Winklevoss said while he has nothing against many of these coins, he doesn’t believe they’re suitable to be a US reserve asset.
“Many of these assets are listed for trading on Gemini and meet our rigorous listing policy criteria, but with respect to a Strategic Reserve it is another standard. An asset needs to be hard money that is a proven store of value like gold.”
Coinbase’s Brian Armstrong agreed, stating, “Just Bitcoin would probably be the best option,” pointing to it being the simplest cryptocurrency and a clear successor to gold.
If the US opts for more variety, Armstrong pitched adopting a market cap-weighted index of cryptocurrencies to remove potential bias.
Source: Brian Armstrong
Gemini’s other co-founder, Tyler’s twin Cameron Winklevoss, said that only Bitcoin and potentially Ether currently satisfy the criteria for a “store of value reserve asset.”
“Maybe Ethereum. Digital gold and digital oil. Which mirrors America’s physical reserves of gold (Fort Knox, NY Fed, etc.) and oil (Strategic Petroleum Reserve),” Winklevoss said.
Winklevoss added that it would be better to stockpile XRP, ADA and SOL as opposed to actively purchasing them in the open market.
Meanwhile, Samson Mow, CEO of Bitcoin technology firm Jan3, said that only proof-of-work crypto assets should make up the Crypto Strategic Reserve. In addition to Bitcoin, Litecoin (LTC) could be used.
“Reserve assets must be based on Proof of Work to ensure fundamental integrity and assurance of immutability. Proof of Stake assets cannot be included because foreign actors can gain control simply by owning the asset.”
Cardano, Ripple executives aren’t complaining
Executives at Cardano and Ripple defended Trump’s decision to potentially include their tokens in the Trump administration’s Crypto Strategic Reserve.
When crypto critic Peter Schiff criticized XRP’s inclusion, Cardano founder Charles Hoskinson rebutted, stating: “XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities.”
“I think the president made the right decision.”
Ripple’s CEO Brad Garlinghouse has also long advocated for a multi-token US crypto reserve similar to the one pitched by Trump on March 2.
Related: Trader profits $6.8M from BTC, ETH bets placed before Trump crypto reserve post
The Crypto Strategic Reserve follows weeks of evaluation from the President’s newly formed Working Group on Digital Assets.
Trump is set to host the first White House Crypto Summit on March 7, inviting industry leaders to meet the Working Group’s Bo Hines and Trump’s AI and crypto czar David Sacks to discuss regulatory policies and stablecoin oversight, among other things.
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