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Highlights
- Gemini CEO says only Bitcoin is fit for crypto reserve in the US
- He believes altcoins like Solana, XRP and Cardano are not fit for such reserve
- The subject has triggered varying debates in the industry with experts supporting altcoins
Gemini co-founder and CEO Tyler Winklevoss has discussed using altcoins like Solana (SOL), Cardano (ADA), and XRP in strategic crypto in the United States. His comments come amid the growing debate on the suitability of these assets and Bitcoin in a national digital assets stockpile.
The Case For Bitcoin Against XRP and Cardano
Taking to his official X account, the Gemini co-founder said he has nothing against the listed altcoins, including Solana, Cardano, and XRP as assets. However, he believes they are not suitable for a strategic crypto reserve. He posited that “only one digital asset in the world right now meets the bar, and that digital asset is bitcoin.”
To affirm his projections, Tyler Winklevoss confirmed that many altcoins pitched for the crypto reserve are listed for trading on Gemini. He noted that they all meet the platform’s rigorous listing policy criteria, making them legitimate assets.
However, he said that the standard for a Strategic Reserve is quite different. He believes “an asset needs to be hard money that is a proven store of value, like gold.”
The Case for XRP, Cardano and Solana
Industry leaders are divided on the components of assets that should make the national crypto reserve. While Bitcoin is the first choice for many, the government appears ready to add others.
President Donald Trump ignited a recent conversation about the crypto reserve in a Sunday post. Following the news that confirmed the crypto reserve speculations, crypto critic Peter Schiff spoke on the plans.
While he said he understands the idea of a Bitcoin reserve, he questions why XRP would even be considered for the reserve. In shocking support, Cardano Founder Charles Hoskinson gave Schiff a viable response.
Hoskinson said, “XRP is an excellent technology, a global standard, has survived through many harsh cycles for a decade, and has one of the most substantial communities.” He believes the president’s plan to add the coin and others like it is the right decision.
Altcoins and ETF Catalysts to Watch
While conversations around crypto reserves for altcoins remain volatile, most assets anticipate the approval of exchange-traded funds tied to their prices.
Asset management firms like Bitwise and 21Shares are pushing for XRP, Litecoin, Dogecoin, Cardano, and Solana ETF products. Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart have issued approval odds for each asset.
While Litecoin ETF has the highest odds at 90%, XRP ETF was assigned a 65% chance.
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