Only Bitcoin in America’s Crypto Reserve? Industry Leaders Weigh In

As the United States debates the formation of a Crypto Strategic Reserve, industry leaders are weighing in on which digital assets are worthy of inclusion. The CEOs of Coinbase and Gemini believe there’s only one clear choice: Bitcoin.

Tyler Winklevoss, co-founder of Gemini, stated in a March 3 post on X that Bitcoin is the only cryptocurrency that meets the standard of being a U.S. reserve asset. While he acknowledged that several digital assets—including Solana (SOL), Cardano (ADA), and XRP—have their own merits, he argued that a true reserve asset must function as a proven store of value, much like gold.

“Many of these assets are listed for trading on Gemini and meet our rigorous listing criteria,” Winklevoss said. “But when it comes to a Strategic Reserve, the bar is much higher. An asset needs to be hard money with a track record of resilience.”

The Case for Bitcoin—And Maybe Ethereum

Brian Armstrong, CEO of Coinbase, echoed Winklevoss’s sentiment, stating that Bitcoin is the simplest and most reliable choice for the U.S. government. However, he suggested that if the government seeks to diversify its holdings, a market-cap-weighted index of major cryptocurrencies could be an alternative approach.

Meanwhile, Cameron Winklevoss, Tyler’s twin and fellow Gemini co-founder, entertained the idea of including Ethereum (ETH) in the reserve, referring to it as “digital oil” in contrast to Bitcoin’s status as “digital gold.” He compared the potential Crypto Strategic Reserve to America’s physical reserves of gold and petroleum, suggesting that Bitcoin and Ethereum together could serve as a digital counterpart.

Some experts believe that only proof-of-work (PoW) assets—which include Bitcoin and Litecoin (LTC)—should qualify. Jan3 CEO Samson Mow argued that proof-of-stake (PoS) assets like SOL, ADA, and XRP pose security risks, as they can be controlled by foreign actors who accumulate enough tokens.

Defending a Multi-Token Reserve

Not everyone agrees with a Bitcoin-only approach. Executives from Ripple and Cardano defended the idea of including multiple assets in the reserve. Ripple CEO Brad Garlinghouse has also long advocated for a diversified crypto reserve, and Cardano founder Charles Hoskinson defended XRP’s inclusion, stating that it has survived harsh market cycles and built a strong global community.

The debate comes as Trump’s administration prepares for its first White House Crypto Summit on March 7, where industry leaders will meet with government officials to discuss regulation, stablecoin oversight, and the digital asset strategic stockpile.

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