Trump's Crypto Reserve: Bitcoin, Ethereum, and the Surprise Inclusion of Ripple, Solana, and Cardano

The U.S. government's proposal to establish a national crypto reserve has sparked controversy, with the unexpected inclusion of Ripple, Solana, and Cardano complicating the narrative. The plan, announced by former President Donald Trump, aimed primarily at securing Bitcoin and Ether, indicating a departure from traditional asset selection in favor of newer, more contentious cryptocurrencies.

The recent announcement of a national crypto reserve by the U.S. government marks a significant shift in the financial landscape, targeting a range of digital assets that straddle the line between innovation and instability. Bitcoin and Ethereum were anticipated to form the core of this reserve due to their relative market maturity and widespread adoption. However, the addition of assets like Ripple (XRP), Solana (SOL), and Cardano (ADA) raises questions about the selection criteria.

The response from key industry figures has been mixed. While some welcomed the acknowledgment of cryptocurrencies at a governmental level, critics pointed out that the selected assets may not possess the necessary qualities of reliability and decentralization to represent a national reserve. According to Georgii Verbitskii, founder of TYMIO, including such assets could undermine the fundamental principles of a reserve designed to represent stability and trust.

Solana is often hailed for its impressive transaction speed and low costs. With a total value locked (TVL) of approximately $7.32 billion in decentralized finance, it has carved out a notable position in the crypto ecosystem. As the network attracts developers and users alike, criticisms of its association with the memecoin phenomenon and its previous outages remain contentious points. According to reports, the recent upsurge in activity has raised alarms about its sustainability, leading some to question its long-term viability as a reserve asset.

Concerns have emerged regarding Solana’s centralization and the heavy influence of venture capital, as noted by whistleblower Edward Snowden. He suggested that reliance on external funding undermines its purpose as a decentralized alternative to traditional finance. This sentiment was echoed by critics who argue that including Solana in a national reserve could celebrate a model contrary to blockchain’s foundational ethos.

Cardano demonstrates a markedly slower approach to development, hoping that its research-driven strategy will pay off in the long run. Yet, in a marketplace where speed and adaptability often dictate success, its comparatively modest $412 million TVL reflects struggles to attract users.