President Donald Trump recently announced on Truth Social about creating a strategic reserve, which would include Bitcoin, Ethereum, XRP, Solana, and Cardano.
After this announcement, the prices of these cryptocurrencies surged—Bitcoin rose by 10%, and others like Cardano jumped by over 60%.
With the Crypto Summit approaching on March 7, Howard Lutnick, Trump’s Commerce Secretary, has also stated that the Bitcoin Reserve execution could take place on that day.
Bitcoin as ‘Digital Gold’: Yusko’s Core Argument
However, in a podcast on Milk Road, founder of Morgan Creek Capital Management, Mark Yusko raised an important point: why include cryptocurrencies beyond Bitcoin?
Bitcoin is widely regarded as a superior form of money. Traditionally, money is an asset without any liabilities, and gold has been this standard for decades. Same way, Bitcoin is often referred to as digital gold. While gold has long been both a commodity and a currency, Bitcoin takes this concept further, making it a stronger alternative. He explained that Ethereum and Solana could be seen as useful for their smart contract capabilities, possibly working as second or third layers on top of Bitcoin.
Related: White House Crypto Summit on March 7: Expert Says Another Executive Order Expected
But he raised doubts about XRP and Cardano, adding these projects are heavily backed by their creators who paid millions to both political parties trying to get their coins recognized.
VC: “No One Pitches Me XRP or Cardano Deals”
Mark said that despite his years in venture capital, he has never had anyone pitch him a project based on XRP or Cardano. “I mean this semi-respectfully, but I’ve been doing venture capital in the digital space now for seven years. Not once, not once have I ever had a team come pitch me a deal building on either one of those chains (XRP and ADA). I’ve had lots of people pitch me on Ethereum and Solana, tons of people pitch me on Bitcoin, but not one on either one of those two chains,” he said.
While some people may see value in these coins, Mark sees them as products of big pre-mines designed to make people rich by selling them to the public. Trump’s interest in these coins could be driven by the fact that his affiliates own a lot of them, benefiting financially when their value rises.
Related: Bitcoin Supply Nears Limit: Price Analysis & US Reserve Effect on Market
Mark believes that Trump will announce a Bitcoin-only reserve and may make favorable comments about other cryptocurrencies, possibly including tax breaks for them. The upcoming announcement, Mark believes, could be a turning point for the future of Bitcoin and crypto regulations.
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