Trump’s Crypto Reserve Announcement

On Sunday, Donald Trump announced a crypto reserve that includes Bitcoin (BTC), Ethereum (ETH), and newly added altcoins such as XRP, Solana (SOL), and Cardano (ADA). This announcement sparked a significant market pump but quickly faced backlash from the cryptocurrency industry.

Industry leaders, including Coinbase CEO Brian Armstrong, argued that the reserve should consist of Bitcoin alone. Samson Mow, CEO of Bitcoin technology firm Jan3, cautioned Trump against including altcoins, warning that this could lead to market chaos and a speculative environment.

Mow emphasized that Trump’s plan carries weight for industry change, but adding altcoins like XRP, SOL, and ADA might endanger its integrity, allowing undue influence from lobbyists. He suggested that proof-of-work (PoW) assets such as Litecoin (LTC) and Monero (XMR) should be prioritized alongside Bitcoin.

> “There are two possible outcomes regarding the US Strategic Bitcoin/Crypto Reserve: 1-The reserve is BTC with no altcoins; 2-We face unprecedented corruption.”

Mow expressed concern that if Trump adds random altcoins to the national reserve, it could be detrimental to the US. Additionally, he mentioned the possibility of including Litecoin and Monero, and hinted that with Elon Musk’s influence, Dogecoin might also be justified for inclusion.

*This is not investment advice.