Coinbase CEO Armstrong: Bitcoin is the Best Choice for Crypto Reserve
Coinbase CEO Brian Armstrong has shared his thoughts on U.S. President Donald Trump’s recent announcement regarding a crypto reserve. Armstrong believes that including only Bitcoin in the reserve would be the best option, citing its simplicity and clear narrative as a “successor to gold.”
In a post on X (formerly Twitter), Armstrong stated, “Just Bitcoin would probably be the best option — simplest, and clear story as successor to gold.” He added that while he was still forming his opinion on asset allocation, a market cap-weighted index of crypto assets could also work to maintain fairness if variety was desired. However, Armstrong emphasized that the first option was likely the easiest.
Trump’s Crypto Reserve Plans: Bitcoin and More
Trump’s crypto reserve announcement on social media stirred significant discussion. He revealed that his proposed “Crypto Strategic Reserve” would initially include Bitcoin and Ethereum (ETH), along with plans to incorporate Solana (SOL), XRP, and Cardano (ADA). His crypto working group has been directed to move forward with the reserve’s formation.
Arthur Hayes, co-founder and former CEO of BitMEX, was less enthusiastic about Trump’s proposal. In a post on X, Hayes argued that there was “nothing new” in the announcement. He added, “Nothing new here. Just words. [Let me know] when they get congressional approval to borrow money and or revalue the gold price higher. Without that, they have no money to buy bitcoin and shitcoins.”
Crypto Market Reacts to Trump’s Announcement
Despite some skepticism, Trump’s announcement led to a noticeable rally in the crypto market. Bitcoin surged by over 8%, and Ether climbed 11% within 24 hours of the news. XRP, Solana, and Cardano also saw impressive gains, with XRP rising by 31%, Solana by 20%, and Cardano by 68%.
Binance’s CZ Weighs In
Binance CEO Changpeng Zhao (CZ) took a more optimistic view, posting on X, “Chill guys. No need to overanalyze.” He suggested that more “valuable crypto” could be added to the reserve over time and that other countries would likely follow suit. “It’s a fantastic start of something really good. Be happy. Keep building,” Zhao added.
Trump’s announcement has certainly sparked interest in the crypto market, with experts and influencers weighing in on the potential impact of such a reserve.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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