Gemini’s Winklevoss Advocates for Bitcoin-Only National Crypto Reserve

• Tyler Winklevoss argues Bitcoin is the only suitable reserve asset.
• Cardano founder Charles Hoskinson defends XRP for reserve inclusion.
• White House to reveal more details on crypto reserve at March 7 summit.

Gemini co-founder Tyler Winklevoss has expressed concerns about the inclusion of altcoins like Solana, Cardano, and XRP in a national crypto reserve. He argues that only Bitcoin meets the criteria for such a strategic reserve. His comments have sparked a debate around the role of altcoins and Bitcoin in future national digital asset reserves.

Tyler Winklevoss Pushes Bitcoin-Only Reserve

Winklevoss stated he has no issue with the altcoins themselves but insists they are not suitable for a strategic reserve. He emphasized that a reserve needs to be backed by an asset that serves as “hard money,” similar to gold. According to Winklevoss, Bitcoin remains the only digital asset that meets this standard due to its proven store of value.

The debate over which assets should be part of a national crypto reserve has gained momentum in recent weeks. Many industry leaders support Bitcoin as the primary reserve asset while others, like President Trump, have suggested the inclusion of altcoins like XRP, Solana, and Cardano.

Winklevoss clarified that although all the altcoins discussed for the reserve meet Gemini’s rigorous listing criteria, the standards for a strategic reserve are different. He pointed out that assets in the reserve should be well-established and capable of being a store of value in the long term. 

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Industry Leaders Debate ‘Ideal’ Reserve Asset

The issue of crypto reserves has sparked further discussion. Peter Schiff, a long-time critic of Bitcoin, questioned the inclusion of XRP and other altcoins in the reserve. However, Cardano’s Charles Hoskinson defended XRP’s inclusion, stating that it has proven technology, a strong community, and global standards.

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However, many are focused on the potential approval of exchange-traded funds (ETFs) tied to these assets. Firms like Bitwise and 21Shares have filed for ETFs for altcoins like Solana, Cardano, and XRP. These ETFs could provide broader access to crypto investments, but their approval remains uncertain.

Gemini co-founder Cameron Winklevoss also called for nations to stockpile Bitcoin before it’s too late. He argued that delays in establishment of Bitcoin reserves could diminish nations’ geopolitical and financial influence. Moreover, Coinbase CEO Brian Armstrong voiced support for a Bitcoin-only reserve. Armstrong argues that Bitcoin’s attributes make it a more secure and reliable asset for countries to hold..

White House Crypto Summit

The details of the proposed crypto reserve will be unveiled at the White House Crypto Summit on March 7. David Sacks, the White House’s AI and crypto czar, is expected to provide further insights during the event. As the debate continues, the future of national crypto reserves remains uncertain.