Bitwise’s executives have criticized the U.S. crypto reserve’s inclusion of ETH, XRP, SOL, and ADA, arguing bitcoin alone is a true reserve asset.
Bitwise Reacts to Trump’s Crypto Reserve—Did Altcoins Just Weaken the Plan?
Many leaders in the cryptocurrency industry, including executives at asset management firm Bitwise, have voiced their opinions on the U.S. crypto reserve that President Donald Trump announced on March 2. The reserve will include major cryptocurrencies beyond bitcoin (BTC), including ethereum (ETH), XRP, solana (SOL), and cardano (ADA).
Hunter Horsley, CEO of Bitwise Asset Management, weighed in on the decision, expressing surprise that the reserve would include multiple digital assets instead of just bitcoin. Horsley wrote:
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 added: “Of course, I’m grateful the new administration is so constructive on the space. Look forward to learning more about the thinking here.” Bitwise CIO Matt Hougan agreed with him.
The decision has sparked a debate within the crypto community about whether the reserve should consist exclusively of bitcoin. Coinbase CEO Brian Armstrong advocated for a bitcoin-only reserve but noted that a potential alternative could be a broader crypto index that includes other major assets. Microstrategy’s Michael Saylor viewed the move as a win for the entire crypto sector, predicting that bitcoin’s market capitalization could grow from $2 trillion to $200 trillion.
Others, however, were more critical of the inclusion of altcoins. Economist Peter Schiff questioned why XRP was included, though he acknowledged the rationale for creating a bitcoin reserve. Prominent trader Peter Brandt also voiced his concerns, stating that adding alternative cryptocurrencies undermines the credibility of the initiative. “Trump loses credibility in my mind by including altcoins in the reserve,” Brandt commented.
To further discuss the future of cryptocurrency policy, the White House is set to host its first-ever crypto summit on March 7. The event will be hosted by David Sacks, the White House AI and Crypto Czar. High-profile attendees expected to participate include Saylor and Ripple CEO Brad Garlinghouse. The summit aims to bring together policymakers and industry leaders to discuss regulatory frameworks and the role of digital assets in the U.S. economy.
