Can Bitcoin Replace Gold as the Next-Generation Store of Value?
The CEOs of leading cryptocurrency exchanges Coinbase and Gemini argue that Bitcoin (BTC) is the most suitable digital asset to serve as the U.S. Crypto Strategic Reserve.
Why Bitcoin Could Be the Only Reserve Asset
Tyler Winklevoss, co-founder of Gemini, stated, “Currently, Bitcoin is the only digital asset in the world that meets the criteria for a strategic reserve.”
His statement follows former U.S. President Donald Trump’s recent announcement to establish a Crypto Strategic Reserve at the national level.
- Trump’s Proposed Crypto Reserve Assets:
Bitcoin (BTC)
Ethereum (ETH)
Solana (SOL)
Cardano (ADA)
XRP
However, Winklevoss argued that while these cryptocurrencies meet exchange listing standards, only Bitcoin qualifies as a national reserve asset, emphasizing its role as a hard money similar to gold.
- Key Criteria for a Strategic Reserve Asset:
Hard Money: A scarce asset that maintains its value over time
Hard Money: A scarce asset that maintains its value over time
Coinbase CEO: “Bitcoin is the Best Choice”
Brian Armstrong, CEO of Coinbase, supports the idea that Bitcoin is the clear successor to gold and the best choice for a reserve asset.
However, he suggested an alternative approach:
“If the U.S. wants to include more cryptocurrencies, it would be best to adopt a market cap-weighted portfolio to ensure fairness.”
Winklevoss Twins: “Only Bitcoin & Ethereum Are Suitable”
Cameron Winklevoss, co-founder of Gemini, argued that only Bitcoin and Ethereum (ETH) meet the standards for a reserve asset.
He referred to Bitcoin as “digital gold” and Ethereum as “digital oil”, comparing them to the U.S. reserves of gold and petroleum.
His additional statement:
“XRP, ADA, and SOL could be included in the reserve, but instead of actively purchasing them, it would be better to stockpile them over time.”
Bitcoin vs. Other Cryptos: The Reserve Asset Debate Heats Up!
Samson Mow, CEO of Bitcoin technology firm JAN3, emphasized:
“Strategic reserves must consist of Proof of Work (PoW)-based assets to ensure security and immutability.”
He stated that only Bitcoin and Litecoin (LTC) should be included, as PoW-based cryptocurrencies provide better resistance against manipulation.
Meanwhile, Cardano (ADA) and Ripple (XRP) executives welcomed Trump’s decision to include their tokens in the strategic reserve.
Charles Hoskinson, Founder of Cardano:
“XRP is a globally recognized standard with strong technology and a resilient community.”
Brad Garlinghouse, CEO of Ripple:
“A multi-asset U.S. crypto reserve is necessary for a balanced financial strategy.”
What’s Next for Trump’s Crypto Strategic Reserve?
(This announcement follows evaluations by Trump’s newly formed Working Group on Digital Assets. )
- The Trump administration has invited crypto industry leaders to discuss crypto regulations and stablecoin oversight.
- David Sacks, Trump’s AI and crypto policy advisor, will lead the discussions.
Conclusion: Is Bitcoin the Right Reserve Asset?
- Coinbase & Gemini CEOs advocate for Bitcoin as the “digital gold” and the most suitable U.S. crypto reserve asset.
- Some industry experts believe Ethereum (ETH) may also be included.
- Trump’s administration is considering a broader range of cryptocurrencies, including Solana (SOL), Cardano (ADA), and XRP.
- Final decisions on U.S. crypto policy will be discussed at the White House Summit on March 7.