Trump Moves Forward with a Crypto Reserve

David Sacks, the “Crypto Czar” appointed by U.S. President Donald Trump, revealed last night on X that Trump is advancing a “Crypto Strategic Reserve.” In his post, Sacks wrote:

“President Trump has announced the establishment of a Crypto Strategic Reserve, including Bitcoin and other top cryptocurrencies. This aligns with Executive Order 14178 (E.O. 14178), which he signed during his first week in office. President Trump is delivering on his promise to make the U.S. the ‘global center for cryptocurrency.’ More details will be announced at the upcoming summit.”

Shortly after, Trump posted on social media, stating that tokens like XRP, SOL, and ADA would be included in the Crypto Strategic Reserve. This announcement further fueled a surge in the prices of these altcoins.

From the market’s reaction, it’s clear that most investors view this development optimistically, seeing it as a lifeline for the struggling crypto market. However, not everyone in the industry is convinced.

Industry Reactions

Arthur Hayes: “It’s Just Empty Words”

BitMEX founder and Maelstrom CIO Arthur Hayes dismissed the announcement as nothing but political rhetoric. He pointed out that without additional financial resources, the government cannot afford to implement this policy.

“Let me know when they get Congressional approval to borrow money or when they revalue gold. Without that, they simply don’t have the funds to buy Bitcoin and altcoins.”

Despite his skepticism, Hayes clarified that he is not bearish on crypto and is still holding long positions, but he won’t increase his holdings at this time.

Brian Armstrong: Bitcoin Should Be the Only Reserve Asset

Coinbase CEO Brian Armstrong suggested that Bitcoin alone would be the best choice for a reserve asset:

“Holding only Bitcoin might be the best approach—it’s the simplest and has a clear narrative as gold’s successor. However, if diversification is necessary, a market-cap-weighted crypto index could help maintain neutrality.”

Joe007: “Including Junk Coins Is Disgraceful”

Legendary trader Joe007, known for his rare but sharp market insights, also weighed in:

“Adding a bunch of junk coins to the reserve? Absolutely disgraceful.”