KEY POINTS
- Coinbase's Brian Armstrong said a $BTC reserve is the "easiest" option since it has a "clear story" of potentially succeeding gold
- Famous cryptographer Adam Back agreed completely with Armstrong's explanations around a Bitcoin reserve
- Gemini's Cameron Winklevoss said only Bitcoin "meets the bar for a store of value reserve asset"
- Gemini's Tyler Winklevoss said he doesn't see $XRP, $ADA, and $SOL as stores of value like $BTC
The United States is all set to have its own cryptocurrency reserve following President Donald Trump's announcement; however, crypto executives are pushing back against the idea of the reserve having multiple digital assets.
Several crypto executives believe Bitcoin, the world's largest crypto asset by market capitalization, is the only coin suitable for a crypto reserve, even as Trump has specifically said "valuable" coins will be included.
"Just Bitcoin": Coinbase CEO
Brian Armstrong said he was looking forward to learning more about the strategic crypto reserve and was still coming up with his opinions about the matter. However, currently, he believes:
- "Just Bitcoin" – The Coinbase CEO said he thinks BTC "would probably be the best option" due to its "clear story" as a potential successor to the world's most valuable asset, gold.
- Weighted assets – If the majority of the crypto space believes that a U.S. crypto reserve should have variety, a market cap weighted index of crypto assets should be established "to keep it unbiased," he recommended.
Still, Armstrong noted that the first option was the "easiest," especially given Bitcoin's core purpose as a store of value.
Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is:
— Brian Armstrong (@brian_armstrong) March 3, 2025
1. Just Bitcoin would probably be the best option - simplest, and clear story as successor to gold
2. If folks wanted more variety, you could do a market cap weighted index of crypto… https://t.co/jv8Gcn8N2S
Prominent cryptographer and cypherpunk Adam Back agrees with Armstrong, with many other Bitcoin maximalists also believing the Coinbase chief made the right call.
Only $BTC "meets the bar": Cameron Winklevoss
The Gemini crypto exchange co-founder said he was "surprised" by the digital assets being considered by the national reserve.
- Bitcoin only – Only BTC "meets the bar for a store value of value reserve asset."
- Probably ETH too – He did acknowledge that Ethereum, the second-largest crypto by market cap, may also meet the said bar.
- A very high bar to beat – He argued that it was still possible for other cryptocurrencies to meet the requirements for a store of value, but Bitcoin had set "a very high bar."
He went on to note that he thinks it will work if other big market cap assets such as XRP and Cardano (ADA), or Solana (SOL) were placed into the reserve via forfeiture or seizure, but not through active acquisition.
While I’m excited about a Strategic Reserve, I was surprised by the digital assets being contemplated. Bitcoin is the only asset that meets the bar for a store of value reserve asset. Maybe Ethereum. Digital gold and digital oil. Which mirrors America’s physical reserves of gold…
— Cameron Winklevoss (@cameron) March 3, 2025
Not suitable for a reserve: Tyler Winklevoss
The other co-founder of the Gemini exchange and Cameron's twin, also shared his brother's sentiments, saying he had "nothing against" the other cryptocurrencies specifically mentioned by the U.S. president (XRP, ADA, SOL, and ETH), but he doesn't believe they were suitable assets for a strategic reserve.
I have nothing against XRP, SOL, or ADA but I do not think they are suitable for a Strategic Reserve. Only one digital asset in the world right now meets the bar and that digital asset is bitcoin.
— Tyler Winklevoss (@tyler) March 3, 2025
Many of these assets are listed for trading on @Gemini and meet our rigorous… pic.twitter.com/q32qlaFDKJ
- A different standard – He said several large market cap assets were available for trading on the Gemini platform due to them meeting the exchange's listing policies, but added there should be different standards for a strategic reserve when gauging assets' suitability.
- Proven and tested – He also recommended that assets considered for the reserve should already have proven that they can be stores of value.
It remains to be seen whether Trump will heed the advice of some crypto executives, who would rather see a Bitcoin reserve instead of a crypto reserve.
