Giant US Billionaires Make Surprising Statements About Trump’s Cryptocurrency Reserve

cryptonews.net 04/03/2025 - 09:28 AM

Trump’s Cryptocurrency Strategic Reserve Announcement

US President Donald Trump’s announcement of a “cryptocurrency strategic reserve” has faced skepticism from notable figures in the crypto and tech industries, many previously supportive of him.

Initially, the news caused a spike in crypto trading, but markets cooled as concerns about the plan emerged.

On Sunday, Trump detailed a government-backed reserve comprising Bitcoin, Ethereum, XRP, Solana, and Cardano, aiming to position the U.S. as the “Crypto Capital of the World.”

However, the initiative attracted criticism, especially regarding the inclusion of various cryptocurrencies beyond Bitcoin and the potential contradiction to traditional free market principles.

Coinbase CEO Brian Armstrong, the richest person in American crypto with a net worth of $9.6 billion, voiced skepticism on X (formerly Twitter), arguing the reserve should solely focus on Bitcoin, which he referred to as a “successor to gold.”

Billionaire investor Joe Lonsdale, co-founder of AI-focused defense firm Palantir and a Trump supporter, harshly criticized the plan, stating it’s inappropriate for crypto brokerage firms to impose self-taxation and that government intervention in crypto markets violates proper governmental roles.

Even individuals close to Trump’s crypto chief, David Sacks, expressed disapproval. Jason Calacanis, Sacks’ co-host on the “All-In” podcast, labeled the move as “Trump Pump” and “a crazy scam.” Jeff Park, a strategist at Bitwise, remarked that including multiple cryptocurrencies represented “a huge political miscalculation.”

*This is not investment advice.




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