Trump’s Crypto Reserve Plan: Industry Leaders Weigh In

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What to know:

  • U.S. president Donald Trump announces a crypto strategic reserve plan that includes XRP, Cardano‘s ADA, and Solana’s SOL.
  • The announcement sparks commentary from the crypto industry.

In a move that sent crypto markets into a tizzy, U.S. president Donald Trump announced a crypto strategic reserve plan that includes XRP, Cardano’s ADA, and Solana’s SOL. And yes, he later added bitcoin (BTC) and ether (ETH) to the mix. 🤯

Trump has been discussing the idea of a strategic crypto reserve since his 2024 presidential campaign. Soon after taking office in January, he signed an executive order directing a working group to evaluate the formation of a strategic crypto reserve, but the order did not explicitly mandate that the U.S. establish one outright.

The order said the digital assets working group should “evaluate the potential creation and maintenance of a national digital asset stockpile.” Trump said on Sunday that the group should “move forward” with formally establishing the reserve. The working group will host a summit on Friday with crypto industry and government representatives.

That instantly riled up markets as ADA and XRP shot up as much as 60% and bitcoin reversed a chunk of last week’s losses with a move above the $93,000 level. Traders caution against increasing exposure to the market after the sudden move as concrete details on the reserve are finalized, with all eyes on the first-ever White House Crypto Summit scheduled for Mar.7.

While traders remain focused on prices, here’s what some crypto industry leaders have to say about the long-term implications and impact of the possible strategic reserve plans:

Hunter Horsely, CEO of Bitwise

“I imagined a Strategic Reserve would be just Bitcoin. That makes the most sense to me. Many crypto assets have merits, but what we’re talking about here isn’t a US investment portfolio — we’re talking about a reserve, and Bitcoin is the undisputed store of value for the digital age.” 😜

Brad Garlinghouse, CEO of Ripple Labs

“I’ve said this before – the crypto industry will achieve our goals (and beyond), IF WE WORK TOGETHER. Appreciate the crypto President @realDonaldTrump’s vision of a govt digital asset reserve representative of the industry. Maximalism is the enemy of the industry’s progress. Glad to see POTUS recognizing we live in a multichain world and that we’re finally moving past Bill Hinman and the Biden administration’s SEC’s very broken thinking.” 🤝

Brian Armstrong, CEO of Coinbase

“Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is: 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 assets to keep it unbiased. But probably option #1 is easiest.” 🤔

Peter Schiff, renowned gold bull and bitcoin critic

“I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too. But what’s the rationale for an XRP reserve? Why the hell would we need that?” 😒

Arthur Hayes, founder of BitMEX and Maelstrom

“Nothing new here. Just words. Lmk when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy #bitcoin and #shitcoins.” 💸

Tracy Jin, COO of MEXC

“This move signals recognition of cryptocurrencies’ value and contribution to the national economy, their role in economic strategy, and the growing recognition of blockchain’s potential to drive innovation in the global shift to a digital economy. The U.S. crypto reserve could play an important role in stabilizing volatility, providing legitimacy, and democratizing access to crypto assets. It could also pave the way for clearer regulatory guidelines, which key industry players have long advocated.” 🌐

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2025-03-03 16:10