Bitcoin Is the Only Cryptocurrency That Meets the Standard to Be Included in a U.S. Reserve Asset, Say Coinbase and Gemini CEOs

The CEOs of Coinbase and Gemini today said they believe Bitcoin is the only cryptocurrency that meets the standard to be included in a U.S. reserve asset.

The former president's interest in cryptocurrency has been a subject of much discussion, especially in light of his administration's efforts to create a U.S. bitcoin standard.

After months of evaluation by Trump’s Working Group on Digital Assets, the president will host the White House Crypto Summit on March 7. The summit aims to bring together industry leaders to discuss pressing issues such as regulation, stablecoins, and broader crypto policies.

The executives' comments come in response to a recent announcement by former President Donald Trump. Trump revealed plans for a Crypto Strategic Reserve that would hold Bitcoin, Ethereum, Solana, Cardano, and XRP.

“We’ll be putting together an initiative to create a U.S. standard for crypto assets and build a Crypto Strategic Reserve in order to ensure the economic security and prosperity of our nation and the world,” Trump stated in a recent interview.

The proposal has sparked debate among crypto industry figures, particularly regarding the selection of assets for the reserve.

While there was agreement on including Bitcoin, the choice of other tokens and the criteria for selection led to differing opinions.

Gemini co-founder Tyler Winklevoss expressed his belief that Bitcoin is the only digital asset that currently meets the criteria for a U.S. reserve asset.

"Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin," Winklevoss said in a post on X, formerly known as Twitter.

Highlighting the importance of "hard money" with a proven track record as a store of value, Winklevooss pointed out that civilizations throughout history have used such assets, such as salt, pepper, tobacco, and, more recently, gold, to perform this function.

"The good news is, we already have the perfect successor to gold: bitcoin," he added.

Coinbase CEO Brian Armstrong agreed with Winklevoss's assessment of Bitcoin.

"I agree with this. Bitcoin is the simplest and clearest successor to gold," Armstrong said in a post on X.

suggesting a market cap-weighted crypto index to be included in the U.S. Crypto Strategic Reserve.

"We could also create a market cap-weighted index of the 10 largest crypto assets to be used in the U.S. Crypto Strategic, thus ensuring no bias in the selection process."

Samson Mow, CEO of Jan3, took a stricter stance, arguing that only proof-of-work cryptocurrencies should be considered to guarantee security and immutability.

"The U.S. should only include PoW crypto in its strategic reserve," Mow said in a post on X.

suggesting that Litecoin would be a valuable addition to the reserve.

"I also believe that including another PoW chain like Litecoin would be beneficial, given its strong community and long-term viability," Mow added.

However, Mow rejected the possibility of any proof-of-stake assets being included in the reserve.

"No PoS assets should be included, as they are vulnerable to influence by foreign actors or governments," Mow explained.

"We need to ensure that the U.S. crypto reserve remains autonomous and secure."

Following Mow's comments, executives at Cardano and Ripple responded to criticism regarding the inclusion of their tokens in the president's proposal.

"They're saying we're a foreign-influenced PoS chain with a small community—both patently false," Hoskinson stated in a post on X.

"We're a global standard with a decade of history, recognized by billions through our partnership with ETC, and a massive community in every nation on Earth."

According to a recent report by Messari, Cardano's community is indeed vast, with over 5 million wallet addresses, dwarfing the user bases of other cryptocurrencies like Solana and Stellar.

Moreover, Hoskinson's claims about partnerships and integration with traditional financial institutions appear to be supported by evidence.

Earlier this year, Cardano completed the integration of the MVI (Minimum Viable Integration) Chain on the mainnet, aiming to facilitate interoperability with other blockchains and create a decentralized and scalable ecosystem.

Furthermore, in March, the Cardano Foundation announced a partnership with the Ethiopian government to deploy a blockchain-based system for verifying the origin and quality of coffee beans, directly connecting consumers with producers and enabling the tracking of products throughout the supply chain.

suggesting that a multi-token reserve, much like Trump's proposal, would be optimal for ensuring stability and broad participation in the crypto ecosystem.

"I like the president's thinking here. Best to have a multi-token US crypto reserve, covering BTC, ETH, and other chains." Garlinghouse said in a post on X.

"This would ensure stability and broad participation in the crypto ecosystem."