Coinbase & Gemini CEOs: Only Bitcoin Fits as US Reserve Asset

Executives from Coinbase and Gemini have expressed strong support for Bitcoin as the sole cryptocurrency suitable for inclusion in a U.S. reserve asset strategy. Coinbase CEO Brian Armstrong and Gemini co-founder Tyler Winklevoss argue that Bitcoin is the only digital asset that meets the necessary standards, describing it as a modern equivalent to gold.

Bitcoin as a “Proven Store of Value”

Following U.S. President Donald Trump’s suggestion of a Crypto Strategic Reserve, Tyler Winklevoss said Bitcoin is the only cryptocurrency to qualify to be a legitimate reserve asset. Some of the digital currencies used in Trump’s strategy are Solana (SOL), Cardano (ADA), XRP (XRP), Bitcoin (BTC), and Ether (ETH).

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

Winklevoss stated that although numerous cryptocurrencies are available for trading on Gemini, they fail to satisfy the more rigorous standards needed for a reserve asset. 

“An asset must be a reliable currency that has demonstrated its value over time, such as gold,” he remarked. 

Armstrong concurred, stating that Bitcoin is probably the most favorable choice because of its ease of use and its role as a successor to gold.

Alternative Proposals for Crypto Reserve Selection

While Armstrong and Winklevoss advocate for a Bitcoin-only reserve, Armstrong suggested that if the U.S. government wanted to include other assets, it could use a market cap-weighted index. This approach would allow selection based on market size rather than subjective criteria.

Gemini’s Cameron Winklevoss, Tyler’s twin and co-founder, suggested that Bitcoin and possibly Ether (ETH) could qualify as reserve assets. 

“Perhaps Ethereum—serving as both digital gold and digital oil—parallels America’s physical reserves, such as gold stored in Fort Knox and the NY Fed, and oil in the Strategic Petroleum Reserve,” he stated.

He also suggested that instead of actively buying XRP, ADA, and SOL, the U.S. should focus on stockpiling them.

Debate Over Proof-of-Work vs. Proof-of-Stake Assets

Samson Mow, CEO of Bitcoin technology firm Jan3, shared his perspective, emphasizing that only Proof-of-Work (PoW) cryptocurrencies should be considered for a Crypto Strategic Reserve. “Reserve assets must rely on Proof of Work to guarantee fundamental integrity and immutability,” Mow asserted. 

He argued that Proof-of-Stake (PoS) assets are unsuitable, as foreign entities could gain control simply by acquiring a large stake. In addition to Bitcoin, he suggested Litecoin (LTC) as a potential option.

In contrast, executives from Cardano and Ripple supported Trump’s decision to include their respective assets. When prominent crypto skeptic Peter Schiff questioned the inclusion of XRP, Cardano founder Charles Hoskinson defended its legitimacy, stating, “XRP is a robust technology, a global standard that has endured for over a decade through numerous market cycles, backed by one of the strongest communities.”

White House Crypto Summit Scheduled for March 7

The discussion around a U.S. Crypto Strategic Reserve comes as Trump prepares to host the White House Crypto Summit on March 7. Industry leaders are expected to meet with Bo Hines from the Working Group on Digital Assets and David Sacks, Trump’s AI and crypto policy advisor. The meeting will focus on regulatory policies, stablecoin oversight, and the future of digital assets in the U.S. economy.