5 months ago
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The CEOs down crypto exchanges Coinbase and Gemini reason that Bitcoin whitethorn beryllium the lone cryptocurrency that meets the criteria for being a US reserve asset.
“Only 1 integer plus successful the satellite close present meets the barroom and that integer plus is Bitcoin,” Gemini’s Tyler Winklevoss said successful a March 3 X station aft US President Donald Trump announced plans to found a Crypto Strategic Reserve.
Trump said the Crypto Strategic Reserve would see Solana (SOL), Cardano (ADA) and XRP (XRP) successful summation to Bitcoin (BTC) and Ether (ETH).
Winklevoss said portion helium has thing against galore of these coins, helium doesn’t judge they’re suitable to beryllium a US reserve asset.
“Many of these assets are listed for trading connected Gemini and conscionable our rigorous listing argumentation criteria, but with respect to a Strategic Reserve it is different standard. An plus needs to beryllium hard wealth that is simply a proven store of worth similar gold.”Coinbase’s Brian Armstrong agreed, stating, “Just Bitcoin would astir apt beryllium the champion option,” pointing to it being the simplest cryptocurrency and a wide successor to gold.
If the US opts for much variety, Armstrong pitched adopting a market cap-weighted index of cryptocurrencies to region imaginable bias.
Source: Brian Armstrong
Gemini’s different co-founder, Tyler’s duplicate Cameron Winklevoss, said that lone Bitcoin and perchance Ether presently fulfill the criteria for a “store of worth reserve asset.”
“Maybe Ethereum. Digital golden and integer oil. Which mirrors America’s carnal reserves of golden (Fort Knox, NY Fed, etc.) and lipid (Strategic Petroleum Reserve),” Winklevoss said.
Winklevoss added that it would beryllium amended to stockpile XRP, ADA and SOL arsenic opposed to actively purchasing them successful the unfastened market.
Meanwhile, Samson Mow, CEO of Bitcoin exertion steadfast Jan3, said that lone proof-of-work crypto assets should marque up the Crypto Strategic Reserve. In summation to Bitcoin, Litecoin (LTC) could beryllium used.
“Reserve assets indispensable beryllium based connected Proof of Work to guarantee cardinal integrity and assurance of immutability. Proof of Stake assets cannot beryllium included due to the fact that overseas actors tin summation power simply by owning the asset.”Cardano, Ripple executives aren’t complaining
Executives astatine Cardano and Ripple defended Trump’s determination to perchance see their tokens successful the Trump administration’s Crypto Strategic Reserve.
When crypto professional Peter Schiff criticized XRP’s inclusion, Cardano laminitis Charles Hoskinson rebutted, stating: “XRP is large technology, a planetary standard, survived for a decennary done galore harsh cycles, and has 1 of the strongest communities.”
“I deliberation the president made the close decision.”Ripple’s CEO Brad Garlinghouse has besides agelong advocated for a multi-token US crypto reserve akin to the 1 pitched by Trump connected March 2.
Related: Trader profits $6.8M from BTC, ETH bets placed earlier Trump crypto reserve post
The Crypto Strategic Reserve follows weeks of valuation from the President’s recently formed Working Group connected Digital Assets.
Trump is acceptable to big the first White House Crypto Summit connected March 7, inviting manufacture leaders to conscionable the Working Group’s Bo Hines and Trump’s AI and crypto czar David Sacks to sermon regulatory policies and stablecoin oversight, among different things.
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