"CEOs Back Bitcoin-Only US Crypto Reserve; Trump's Plan Sparks Debate"

The CEOs of prominent crypto exchanges Coinbase and Gemini have expressed their support for a Bitcoin-only US crypto reserve. In a recent development, US President Donald Trump announced plans to establish a Crypto Strategic Reserve, which initially included a variety of cryptocurrencies such as Solana (SOL), Cardano (ADA), and XRP (XRP) alongside Bitcoin (BTC) and Ether (ETH).

Tyler Winklevoss, co-founder of Gemini, took to Twitter on March 3 to argue that only Bitcoin currently meets the criteria for a US reserve asset. He stated, "Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin." Winklevoss further explained that a reserve asset should be "hard money that is a proven store of value, like gold."

Coinbase CEO Brian Armstrong echoed Winklevoss's sentiment, stating that Bitcoin would be the best option for a US crypto reserve due to its simplicity and status as a clear successor to gold. Armstrong also suggested that if the US opts for a more diverse portfolio, it could adopt a market cap-weighted index of cryptocurrencies to avoid potential bias.

Cameron Winklevoss, Tyler's twin brother and co-founder of Gemini, agreed that only Bitcoin and potentially Ether currently satisfy the criteria for a "store of value reserve asset." He suggested that it would be better to stockpile XRP, ADA, and SOL as opposed to actively purchasing them in the open market.

Samson Mow, CEO of Bitcoin technology firm Jan3, argued that only proof-of-work crypto assets should make up the Crypto Strategic Reserve. In addition to Bitcoin, Mow suggested that Litecoin (LTC) could be used. He explained that reserve assets must be based on proof-of-work to ensure fundamental integrity and assurance of immutability, as proof-of-stake assets could be controlled by foreign actors simply by owning the asset.

Executives at Cardano and Ripple defended Trump's decision to potentially include their tokens in the Trump administration's Crypto Strategic Reserve. Cardano founder Charles Hoskinson praised XRP as "great technology" and a "global standard," while Ripple CEO Brad Garlinghouse has long advocated for a multi-token US crypto reserve similar to the one pitched by Trump.

The Crypto Strategic Reserve follows weeks of evaluation from the President's newly formed Working Group on Digital Assets. Trump is