President Donald Trump’s announcement over the weekend that his plan for a national crypto reserve now includes not only Bitcoin, but also Solana, XRP, Cardano, and Ethereum, has ignited mixed reactions across the cryptocurrency industry. Although the news initially halted a recent selloff in the market, prices are once again declining, and several industry leaders are expressing concerns about the multi-asset approach.
While many prominent crypto figures have been staunch supporters of Trump, even backing his campaign with millions of dollars in donations, the president’s plan has created a rift among his allies. Trump has long been a champion of cryptocurrency, and in the early days of his presidency, he pushed for the creation of a national crypto reserve. However, some of his closest supporters are now divided on the specifics of the policy.
Cameron Winklevoss, cofounder of the crypto exchange Gemini and a major Trump donor, voiced his concerns on social media, emphasizing that “Bitcoin is the only asset that meets the bar for a store of value reserve asset.” Winklevoss, who met with Trump at Mar-a-Lago in June, stated that while he supports the idea, Bitcoin is uniquely positioned to act as a store of value akin to the U.S. government’s gold reserves. “Solana, XRP, and Cardano don’t meet this high bar,” Winklevoss added, suggesting that these assets may not be suitable for long-term reserve status.
Coinbase CEO Brian Armstrong echoed Winklevoss’s sentiments, agreeing that a Bitcoin-only reserve would be the most effective option due to Bitcoin’s status as a potential successor to gold.
Trump’s proposal, however, has drawn significant criticism, particularly from those concerned about taxpayer funding. Although Trump did not elaborate on how the government would finance the reserve, venture capitalist Joe Lonsdale, a Trump supporter, expressed his displeasure, saying in a social media post that it would be wrong to use taxpayer money for the initiative. “It’s wrong to tax me for crypto bro schemes,” he remarked.
In response, the White House’s special advisor on crypto and AI clarified that no final decisions had been made and urged critics to wait for further details. “Maybe you should wait to find out what’s actually being proposed,” the advisor said.
Not all reactions have been negative. Brad Garlinghouse, CEO of Ripple, the company behind XRP, welcomed Trump’s inclusive approach, particularly noting that the industry should not be limited to Bitcoin. “Maximalism is the enemy of the industry’s progress,” Garlinghouse stated, adding that it’s encouraging to see the president acknowledge the multichain nature of the crypto world.
Further details about the national crypto reserve, including its potential launch and funding mechanisms, are expected to be revealed on Friday during Trump’s first crypto summit at the White House. It remains unclear which crypto executives will attend the event, but the summit is likely to provide more clarity on the president’s controversial plan.
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