The CEOs of leading crypto exchanges Coinbase and Gemini believe that Bitcoin is the only digital asset that qualifies as a U.S. reserve asset.

Their comments come in response to former President Donald Trump’s recent proposal to create a Crypto Strategic Reserve that would include Bitcoin alongside Solana (SOL), Cardano (ADA), XRP (XRP), and Ethereum (ETH).

“Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin,” said Gemini co-founder Tyler Winklevoss  in a 3 March 2025 post on X.

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Winklevoss: Only ‘Hard Money’ Like Bitcoin Qualifies as a Reserve Asset

While acknowledging the legitimacy of other cryptocurrencies, Winklevoss argued that a reserve asset must be “hard money” with a proven store-of-value status, similar to gold.

Coinbase CEO Brian Armstrong echoed Winklevoss’ sentiment, emphasizing Bitcoin’s simplicity and its reputation as “a clear successor to gold.”

However, Armstrong suggested that if the US were to diversify its reserve holdings, it should consider a market cap-weighted index of cryptocurrencies to avoid bias.

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… https://t.co/jv8Gcn8N2S

— Brian Armstrong (@brian_armstrong) March 3, 2025

Cameron Winklevoss, co-founder of Gemini and Tyler’s twin brother, added that Ethereum might also qualify for the Crypto Strategic Reserve, comparing Bitcoin to digital gold and Ethereum to digital oil.

He likened this to the US government’s traditional reserves of gold (held at Fort Knox and the New York Federal Reserve) and oil (stored in the Strategic Petroleum Reserve).

However, he noted that assets like XRP, ADA, and SOL would be better suited for stockpiling rather than active purchasing in open markets.

Meanwhile, Samson Mow, CEO of Bitcoin technology firm Jan3, advocated for a reserve composed exclusively of proof-of-work (PoW) cryptocurrencies like Bitcoin and Litecoin.

Mow argued that proof-of-stake (PoS) assets are vulnerable to foreign manipulation since control can be acquired simply by holding a majority stake in the asset. “Reserve assets must be based on Proof of Work to ensure fundamental integrity and assurance of immutability,” Mow said.

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Cardano And Ripple Defend Inclusion In Crypto Reserve

Not all industry leaders oppose Trump’s proposed inclusion of assets beyond Bitcoin and Ethereum.

When crypto critic Peter Schiff questioned XRP’s place in the reserve, Cardano founder Charles Hoskinson defended it, calling XRP “a global standard” that has “survived for a decade through many harsh cycles” and has “one of the strongest communities.”

Because 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

— Charles Hoskinson (@IOHK_Charles) March 2, 2025

Ripple CEO Brad Garlinghouse has also long advocated for a multi-token reserve. He argues that a diverse approach would strengthen the US position.

The Crypto Strategic Reserve proposal follows weeks of evaluation by Trump’s Working Group on Digital Assets.

The initiative will take center stage at the upcoming White House Crypto Summit on 7 March 2025. The industry leaders will meet key figures such as Bo Hines and Trump’s AI and crypto policy advisor, David Sacks.

The summit will address regulatory policies, and stablecoin oversight.

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