- The CEO of MicroStrategy, Michael Saylor, has reacted to the recent confirmation of Bitcoin being “at the heart” of the much anticipated crypto strategic reserve.
- Several Bitcoin maximalists also criticize the inclusion of XRP, ADA and SOL in the initiative as they claim these assets could mislead investors.
MicroStrategy’s Michael Saylor has weighed in on the recent announcement concerning the establishment of a new US crypto reserve. According to him, Bitcoin (BTC) is the “foundation” of the crypto economy. This comment comes after US President Donald Trump confirmed that the “flagship” coin would be “at the heart” of the crypto strategic reserve.
In a post made on Truth Socials, Trump highlighted that several other coins, including Ethereum (ETH), Solana (SOL), XRP, and ADA, are being worked on by the President’s Working Group to be included in the crypto strategic reserve.
According to him, this would elevate the industry and “undo” the negative impact of the “corrupt attacks” encouraged by the Biden Administration. Meanwhile, he also pledged to make the US the crypto capital of the world, as mentioned in our previous news brief.
This development comes after Ripple CEO Brad Garlinghouse challenged the restriction of the strategic reserve to Bitcoin. As noted in our earlier post, he argued that the crypto industry has always worked on common goals. Henceforth, it is important to consider a level playing field for all the assets rather than the “one token versus another” agenda.
If a govt digital asset reserve is created – I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else). Maximalism remains the enemy of crypto progress, and I’m very glad to see fewer and fewer folks ascribe to this outdated and misinformed thinking.
Key Crypto Players Join Michael Saylor to Comment on the Strategic Reserve List
Trump’s latest remark on the crypto strategic reserve has attracted multiple comments from industry key players including head of U.S. business at 21Shares, Federico Brokate.
According to Brokate, this move signifies a massive shift towards “active participation in the crypto economy”. To him, this could potentially accelerate institutional adoption while providing greater regulatory clarity. Above all, this would strengthen the US leadership in digital financial technology.
Adding to this position, head of research at asset manager CoinShares James Butterfill pointed out that Trump’s list of tokens under consideration “suggests his patriotic stance towards the broader crypto technology space.”
However, some notable Bitcoin maximalists, including Samson Mow, have criticized the elevation of assets he defines as “shitcoins” at the national level. According to Mow, “This is a sad day for America”. Fascinatingly, he believes that this is not much of a surprise as the move comes from a “president who just launched a meme coin.”
Similarly, co-founder of Satoshi Nakamoto Institute Pierre Rochard believes that “the world needs more Bitcoin maximalism, not less.” As featured in our previous coverage, he argued that Ripple is “just a failed company seeking a bailout from the government.”
Meanwhile, critics believe that the inclusion of XRP, ADA, and SOL could potentially mislead investors while diverting the focus from Bitcoin’s ability as a store of value.
Regardless, Bitcoin swiftly reacted to the latest update by “printing” 6% gains on the daily price chart. At press time, the asset was trading at $91k from the $85k recorded on the previous day’s trading session.
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