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Gemini CEO Says Bitcoin Could Be The Only US Reserve-Grade Crypto

By Ruholamin Haqshanas

Last Updated: Mar 4, 2025

Fact checked

By Akriti Seth

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Coinbase and Gemini CEOs: Bitcoin Could Be the Only US Reserve-Grade Crypto
Disclaimer Icon
Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

The CEOs of leading crypto exchanges Coinbase and Gemini believe that Bitcoin is the only digital asset that qualifies as a U.S. reserve asset.

Their comments come in response to former President Donald Trump’s recent proposal to create a Crypto Strategic Reserve that would include Bitcoin alongside Solana (SOL), Cardano (ADA), XRP (XRP), and Ethereum (ETH).

“Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin,” said Gemini co-founder Tyler Winklevoss  in a 3 March 2025 post on X.

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Winklevoss: Only ‘Hard Money’ Like Bitcoin Qualifies as a Reserve Asset

While acknowledging the legitimacy of other cryptocurrencies, Winklevoss argued that a reserve asset must be “hard money” with a proven store-of-value status, similar to gold.

Coinbase CEO Brian Armstrong echoed Winklevoss’ sentiment, emphasizing Bitcoin’s simplicity and its reputation as “a clear successor to gold.”

However, Armstrong suggested that if the US were to diversify its reserve holdings, it should consider a market cap-weighted index of cryptocurrencies to avoid bias.

Cameron Winklevoss, co-founder of Gemini and Tyler’s twin brother, added that Ethereum might also qualify for the Crypto Strategic Reserve, comparing Bitcoin to digital gold and Ethereum to digital oil.

He likened this to the US government’s traditional reserves of gold (held at Fort Knox and the New York Federal Reserve) and oil (stored in the Strategic Petroleum Reserve).

However, he noted that assets like XRP, ADA, and SOL would be better suited for stockpiling rather than active purchasing in open markets.

Meanwhile, Samson Mow, CEO of Bitcoin technology firm Jan3, advocated for a reserve composed exclusively of proof-of-work (PoW) cryptocurrencies like Bitcoin and Litecoin.

Mow argued that proof-of-stake (PoS) assets are vulnerable to foreign manipulation since control can be acquired simply by holding a majority stake in the asset. “Reserve assets must be based on Proof of Work to ensure fundamental integrity and assurance of immutability,” Mow said.

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Cardano And Ripple Defend Inclusion In Crypto Reserve

Not all industry leaders oppose Trump’s proposed inclusion of assets beyond Bitcoin and Ethereum.

When crypto critic Peter Schiff questioned XRP’s place in the reserve, Cardano founder Charles Hoskinson defended it, calling XRP “a global standard” that has “survived for a decade through many harsh cycles” and has “one of the strongest communities.”

Ripple CEO Brad Garlinghouse has also long advocated for a multi-token reserve. He argues that a diverse approach would strengthen the US position.

The Crypto Strategic Reserve proposal follows weeks of evaluation by Trump’s Working Group on Digital Assets.

The initiative will take center stage at the upcoming White House Crypto Summit on 7 March 2025. The industry leaders will meet key figures such as Bo Hines and Trump’s AI and crypto policy advisor, David Sacks.

The summit will address regulatory policies, and stablecoin oversight.

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Key Takeaways

  • Coinbase and Gemini CEOs argue that Bitcoin is the only cryptocurrency suitable as a U.S. reserve asset.
  • Samson Mow insists that only proof-of-work assets like Bitcoin and Litecoin should be included.
  • Cardano and Ripple executives defend the inclusion of their tokens in Trump’s proposed Crypto Strategic Reserve.

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Ruholamin Haqshanas
Ruholamin Haqshanas
Crypto Journalist

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over three years of experience. He has been featured in various high-profile outlets, including Cryptonews.com, Investing.com, 24/7 Wall St, and Business2Community. Read More

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