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Bitcoin Only? Trump’s Crypto Reserve Plan Divides Industry Leaders
In a shocking announcement, the Trump administration unveiled plans to create a strategic crypto reserve, which has sparked heated debate in the industry. The plan includes Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) as part of the reserve. This decision has pitted industry leaders against each other, with some criticizing the inclusion of non-Bitcoin assets.
Not everyone is pleased with the multi-token approach, however. David Mow, a well-known crypto enthusiast, expressed his disapproval on Twitter:
“It’s not just about Bitcoin or any single asset; it’s about the integrity and stability of our financial system. Including non-Bitcoin assets in the reserve would undermine that integrity.”
Mow highlighted concerns around Proof of Stake (PoS) assets, stating that foreign actors can gain control by simply owning the asset. He emphasized the importance of maintaining a secure and decentralized financial system.
On the other hand, Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse have spoken in favor of the plan. They argue that it’s essential to include various tokens to ensure diversification and minimize risk.
Hoskinson praised XRP as “great technology” that has survived despite harsh market cycles, while Garlinghouse reiterated his support for a multi-token US crypto reserve.
Trump’s announcement has led to a sharp decline in the value of affected assets. Bitcoin fell around 9%, Ethereum dropped 15%, and other tokens experienced even steeper declines.
Despite this criticism, some industry leaders remain optimistic about the plan. Michael Saylor, chairman of MicroStrategy, stated that Trump’s proposal is “bullish for bitcoin and bullish for the entire U.S. crypto industry.”
The White House has scheduled a Crypto Summit for March 7 to discuss regulatory policies, stablecoin oversight, and the details of the proposed reserve.
Source: https://coincentral.com/bitcoin-only-trumps-crypto-reserve-plan-divides-industry-leaders/
