The CEOs of Coinbase and Gemini have publicly backed the creation of a U.S. crypto reserve that is entirely Bitcoin-based.
Brian Armstrong and Tyler Winklevoss claim that Bitcoin’s role as the “successor to gold” makes it the most suitable asset for the U.S. to hold in reserve.
Coinbase and Gemini’s CEOs believe that among all cryptocurrencies, only Bitcoin may satisfy the conditions to serve as a U.S. reserve asset.
After President Donald Trump announced plans to establish a Crypto Strategic Reserve, Tyler Winklevoss of Gemini wrote on X on March 3, “Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin.”
Trump outlined that the Crypto Strategic Reserve will consist of Bitcoin, Ether, Solana, Cardano, and XRP.
Although Winklevoss harbors no ill will toward most of these cryptocurrencies, he believes the U.S. should not include them as reserve assets.
“Many of these assets are listed for trading on Gemini and meet our rigorous listing policy criteria, but with respect to a Strategic Reserve it is another standard. An asset needs to be hard money that is a proven store of value like gold.”
Armstrong, CEO of Coinbase, supported this view and asserted that Bitcoin alone would probably be the best option. He cited its simplicity and its status as gold’s successor.
If the U.S. prefers a more diverse crypto reserve, Armstrong advocates for a market cap-weighted index to prevent favoritism.
Cameron Winklevoss, the twin brother of Tyler and co-founder of Gemini, argued that Bitcoin—and perhaps Ether—is the only digital asset that currently fits the criteria of a “store of value reserve asset.”
“Maybe Ethereum. Digital gold and digital oil. Which mirrors America’s physical reserves of gold (Fort Knox, NY Fed, etc.) and oil (Strategic Petroleum Reserve),” Winklevoss said.
He added that holding onto XRP, ADA, and SOL would serve as a wiser strategy than engaging in active buying on the open market.
The CEO of Jan3, Samson Mow, argued that the Crypto Strategic Reserve should include only proof-of-work assets and mentioned Litecoin as a potential addition to Bitcoin.
“Reserve assets must be based on Proof of Work to ensure fundamental integrity and assurance of immutability. Proof of Stake assets cannot be included because foreign actors can gain control simply by owning the asset.”
Read also: Montana lawmakers have voted against Bitcoin reserve for the state
Ripple and Cardano executives defended Trump’s plan to make their tokens part of the Crypto Strategic Reserve.
After Peter Schiff criticized XRP’s inclusion, Cardano founder Charles Hoskinson fired back, stating, “XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities.”
“I think the president made the right decision.”
Ripple’s chief executive, Brad Garlinghouse, has long pushed for a U.S. crypto reserve featuring multiple tokens, an idea that Trump’s March 2 proposal reflects.
The President’s Working Group on Digital Assets recently spent several weeks evaluating the initiative before deciding to move forward with the Crypto Strategic Reserve.
Trump will host the first White House Crypto Summit on March 7, where industry leaders will meet with Bo Hines and Trump’s crypto and AI chief, David Sacks, to discuss regulatory frameworks and stablecoin oversight.
