Bitwise’s Executives Criticize U.S. Crypto Reserve’s Inclusion of Altcoins
Bitwise Responds to President Trump’s Crypto Reserve Announcement
Leaders in the cryptocurrency sector, particularly executives at Bitwise, have expressed their views on the crypto reserve announced by President Donald Trump on March 2. This reserve will encompass major cryptocurrencies beyond bitcoin (BTC), including ethereum (ETH), XRP, solana (SOL), and cardano (ADA).
Hunter Horsley, CEO of Bitwise Asset Management, was surprised by the decision to include multiple digital assets instead of limiting the reserve to just bitcoin. He stated:
> I imagined a strategic reserve would be just bitcoin. That makes the most sense to me. Many crypto assets have merits, but what we’re talking about here isn’t a U.S. investment portfolio—we’re talking about a reserve, and bitcoin is the undisputed store of value for the digital age.
He expressed gratitude for the new administration’s constructive engagement with the crypto space, looking forward to further insights into their reasoning. Bitwise CIO Matt Hougan echoed this sentiment.
The announcement has ignited a debate within the crypto community about whether the reserve should only consist of bitcoin. Coinbase CEO Brian Armstrong advocated for a bitcoin-exclusive reserve but suggested a broader index including other significant assets as a possible alternative. Microstrategy’s Michael Saylor viewed the reserve as beneficial for the entire crypto sector, predicting a massive increase in bitcoin’s market capitalization from $2 trillion to $200 trillion.
However, not everyone is on board with the inclusion of altcoins. Economist Peter Schiff questioned XRP’s inclusion, while acknowledging the case for a bitcoin reserve. Trader Peter Brandt expressed that the addition of alternative cryptocurrencies diminishes the initiative’s credibility, stating, “Trump loses credibility in my mind by including altcoins in the reserve.”
To further discuss cryptocurrency policy, the White House is hosting its first-ever crypto summit on March 7, led by David Sacks, the White House AI and Crypto Czar. Expected attendees include Saylor and Ripple CEO Brad Garlinghouse, aiming to gather policymakers and industry leaders to explore regulatory frameworks and the role of digital assets in the U.S. economy.
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