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The recent announcement by President Trump confirming the creation of a US crypto reserve has sparked a heated debate among crypto enthusiasts and experts alike. The inclusion of altcoins such as XRP, Solana, Ethereum, and Cardano in the reserve has raised eyebrows, with many arguing that it would be a huge mistake.
One of the primary concerns is the decentralization of Bitcoin compared to these altcoins. As Will Baxter highlights, there exists no founding team controlling Bitcoin, making it truly decentralized. In contrast, most top altcoins have centralised foundations or companies, which raises questions about their integrity and potential for manipulation.
Another crucial aspect is the issue of pre-mined supply. Bitcoin has no pre-mined supply, whereas almost all top ten altcoins, including ETH, have pre-mined supplies. This gives insiders an unfair advantage, potentially leading to market manipulation and concentration of power among a select few. Ripple, in particular, holds at least 55% of the total XRP supply, while Solana Foundation, insiders, and VCs own 50% of SOL’s total supply.
Moreover, experts have pointed out security concerns regarding altcoins. Bitcoin is renowned for its robust mining network, ensuring high levels of security and censorship resistance. However, this cannot be said about most altcoins, which are not as secure or resistant to external threats. It is unwise to include a coin with questionable security in the national reserve of a country, especially when it wants its economic system to be highly resistant to external threats.
Furthermore, Ethereum’s history has demonstrated that it is not immutable, and this is a concerning fact for those who believe in the decentralised nature of these coins. In 2016, Ethereum was hacked, resulting in the loss of approximately $60 million. Additionally, Ethereum altered its blockchain after the hack, which raises questions about the reliability and stability of its underlying technology.
Another critical point made by Will Baxter is that altcoins see minimal real-world usage compared to Bitcoin. Unlike Bitcoin, which is widely accepted as a store of value and settles transactions, altcoins have limited real-world applications, making them less viable options for the reserve.
Lastly, many experts argue that it’s unfair to include altcoins in the national balance sheet, just like we wouldn’t put tech stocks on our national balance sheet. This begs the question: why would we include their blockchain equivalents there?
In conclusion, including altcoins such as XRP, Solana, Ethereum, and Cardano in a bitcoin-only reserve would be an enormous mistake. The debate surrounding this topic highlights the need for more awareness about the risks associated with these lesser-known cryptocurrencies.
Source: https://coinpedia.org/news/trumps-crypto-reserve-sparks-debate-should-it-be-bitcoin-only/
