Plan for a US ‘strategic crypto reserve’ questioned by Trump supporters

President Donald Trump sent the price of several cryptocurrencies (momentarily) soaring on Sunday when he wrote on social media that he had a plan for a “strategic crypto reserve.”

By now, the market is down again (also due to geopolitical circumstances such as tariff threats and the situation in Ukraine), and surprisingly, there is a lot of criticism from Trump fans about the plan.

Strategic Bitcoin reserve

In mid-December 2024, Jack Mallers, CEO of crypto firm strike, appeared on Timcast, the show of American commentator and journalist Tim Pool (who is also a regular guest on Joe Rogan’s podcast).

Jack discussed Trump’s plan to sign an ‘executive order’ in order to create a ‘strategic Bitcoin reserve’ in the United States as from the first day of his presidency.

I have nothing against XRP, SOL, or ADA but I do not think they are suitable for a Strategic Reserve. Only one digital asset in the world right now meets the bar and that digital asset is bitcoin.

Many of these assets are listed for trading on @Gemini and meet our rigorous… pic.twitter.com/q32qlaFDKJ

— Tyler Winklevoss (@tyler) March 3, 2025

That rumor pushed Bitcoin to an all-time high until the Federal Reserve sent the markets and Bitcoin crashing again a few days later.

When Trump rose to power in January, there was no sign of a “strategic Bitcoin reserve,” but a Trump memecoin was launched and Ross Ulbricht, the legendary founder of Silk Roadn was released from prison.

Basket

Now, in the month of March, in the same weekend that Trump was criticized by the world press for his treatment of Ukrainian President Zelensky, the US president finally came up with a proposal for a strategic reserve, but not one of hoarding Bitcoin alone, but a mix of different cryptocurrencies.

Excited to learn more. Still forming an opinion on asset allocation, but my current thinking is:

1. Just Bitcoin would probably be the best option - simplest, and clear story as successor to gold
2. If folks wanted more variety, you could do a market cap weighted index of crypto… https://t.co/jv8Gcn8N2S

— Brian Armstrong (@brian_armstrong) March 3, 2025

Several of his supporters are unsure what to make of it, because acquiring a basket of cryptocurrencies is of course very different from simply letting the US government becoming a Bitcoin whale. Tyler Winklevoss, CEO of crypto platform Gemini, did not think that a purchase of XRP, Solana and ADA would be good for the United States, while Coinbase CEO Brian Armstrong also thought that a simple Bitcoin purchase was actually the best thing to do.

Trump clearly still has some homework to do.