Trump’s Crypto Move Splits Crypto Community
President Donald Trump’s plan to establish a strategic cryptocurrency reserve has ignited a range of responses across the digital assets landscape.
Anthony Pompliano, founder and CEO of Professional Capital Management, an investment firm, described the suggested plan as an “unforced error that will be regretted in the future.” Pompliano, wrote in an extensive blog post, that his criticism comes “as someone who stands to substantially benefit financially” from Trump’s announcement.
On Sunday, Trump revealed further details regarding the crypto reserve, writing online that it would “elevate this industry after years of corrupt attacks by the Biden administration.”
“Which is why my Executive Order on Digitial Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL [Solana] and ADA [Cardano]”, Trump stated on Truth Social. Online users quickly pointed out that the post did not include bitcoin, despite Trump’s prior commitment last July to establish a bitcoin reserve.
Minutes later, the president clarified, writing, “And, obviously BTC [bitcoin] and ETH [Ethereum], as other valuable cryptocurrencies, will be at the heart of the Reserve.”
“I also love Bitcoin and Ethereum!” Trump added.
“The United States is not in the business of buying stocks or other investment assets,” Pompliano argued, adding later, “The U.S. has strategic reserves of assets like gold, oil, cheese and other assets that are important to the strength of our balance sheet or have national importance.”
“Crypto tokens like ETH, SOL, XRP and ADA don’t fit that framework,” he continued, implying that the tokens are more akin to technology stocks than natural commodities or hard money.
Cameron and Tyler Winklevoss, the co-founders of the cryptocurrency exchange Gemini, echoed the concerns against any reserve that, included currencies other than bitcoin. The brothers each donated $1 million in bitcoin to Trump’s reelection campaign because of his support for the industry.
Tyler Winklevoss asserted on Monday that Bitcoin is the only digital asset that currently meets the criteria for a strategic reserve, writing that an “asset needs to be hard money that is a proven value like gold.”
Cameron also supported the idea of a bitcoin reserve, calling it a “must.”
Musk to Meet with House Republicans
Elon Musk is scheduled to meet with House Republicans Wednesday evening to provide an update on the work of the Department of Government Efficiency (DOGE). The meeting is set to take place at the Capitol at 7 p.m. EST.
“He’s just going to give an update, answer questions,” Speaker Mike Johnson (R-La.) told The Hill regarding the gathering. “The closer we coordinate together, …”
Crypto Corner
In the wake of President Trump’s tariff proposal causing fears of a bigger trade war, the price of bitcoin fell. Bitcoin went from around $93,000 Monday morning to $85,000. Bitcoin’s price continued to fluctuate, bottoming out at $82,000 before rising again to $87,000.
Bitcoin has had a volatile few days. After cooling in recent months, its price shot up to $94,000 Sunday morning after Trump announced his plans to create a crypto strategic reserve, including Bitcoin.
