On March 7th, the White House, Crypto Summit stoked debate over the role of the federal government in digital assets.
President Donald Trump initially groped at the highly anticipated announcement of a strategic crypto sanctuary that omitted two of its most valuable digital assets: Bitcoin and ETH.
In a post about the True Society, President Trump declared it a “crypto-strategic reserve that includes XRP, SOL and ADA,” and the omission quickly sparked confusion and debate.
Almost two hours later, the president tried to clarify and post as other valuable cryptocurrencies, clearly BTC and ETH, as the centre of the reserve. I also love Bitcoin and Ethereum! ”
The announcement sparked a heated online discussion with one participant.
With an unexpected twist, longtime Bitcoin critic Peter Schiff complained about the rationale for US Bitcoin Reserve and likened it to the country’s holdings of gold.
He also shared insightful criticism of other digital assets proposed for the reserve.
The Trump administration’s executive order 14,178 issued in January laid the foundation for shaping the US crypto stockpile.
The administration framed the initiative as a step towards hedging against inflation and financial resilience.
The composition of reserves is a central point of competition.
Bitcoin’s dominance in the Crypto market cannot be denied, but whether other digital assets should share their status in the US reserve remains a divisive question.
Strategy CEO and stubborn Michael Saylor of Bitcoin Advocate responded to the announcement, “Bitcoin is the foundation of the crypto economy.”
Bitcoin Magazine CEO David Bailey took the same stance by claiming that “Bitcoin only” belongs to the reserve.
Coinbase CEO Brian Armstrong has proposed a more measured approach, acknowledging the broader government intentions, suggesting that Bitcoin is perhaps the only best option.
Bitcoin-centric backup supporters see this as an inevitable outcome. Bitwise CIO Matt Hougan believes that once details are finalized, the reserve will be made up almost entirely of Bitcoin, larger than most expected. This forecast is consistent with an increase in sentiment that the initiative will further strengthen Bitcoin’s status as digital gold.
Treasury Secretary Howard Lutnick reported that Bitcoin will hold a unique position within the reserve.
“Bitcoin’s strategic reserves are something the president is interested in.”
The story continues