Coinbase CEO: A Bitcoin-only strategic reserve is the best choice for the U.S.

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Coinbase CEO Declares Bitcoin, the Not-So-Gold of the 21st Century! 🚀💰

In a truly spectacular twist of fate and perhaps a hint of cosmic humor, Coinbase CEO Brian Armstrong has flung his thoughts into the digital void regarding President Trump’s Crypto Strategic Reserve. Spoiler alert: he thinks Bitcoin, that shimmering digital currency that has captivated the masses, is the only option that makes sense. Because, you know, why bother with the complexity of variety?

Addressing the distinguished White House AI and Crypto Czar, David Sacks (a title that sounds like a rejected character from a 90s sitcom), Armstrong presented his brilliant plan to simply and gloriously use only Bitcoin (BTC) as if it were a very shiny, very modern equivalent of gold. We’re talking about the kind of gold that doesn’t need a vault, just a metaverse account.

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…

— Brian Armstrong (@brian_armstrong) March 3, 2025

Such a daring approach would minimize bureaucratic meddling – because we all know governments have a knack for turning lucrative ideas into bureaucratic black holes – while it bolsters Bitcoin’s position as the unchallenged store of value. Stability, transparency, and simplicity: the holy trinity of the eternal financial struggle!

Of course, there’s a second, rather complicated approach wherein assets are distributed based on market sizes using something called a market cap-weighted index. Now, if Bitcoin held a majestic 50% of the crypto realm, and Ethereum (ETH), the cousin nobody really likes, should get a meager 20%, then voilà! The reserve would reflect that unfathomable logic.

Armstrong seems to imply that this second idea is just a way to be polite to those other cryptocurrencies, but he still prefers the *Bitcoin-only* route for its straightforward charm. Because why make things complicated when you can just put all your eggs (or rather, bits) in one digital basket?

This riveting discourse aligns neatly with Trump’s fresh ambition to establish a strategic cryptocurrency reserve, which the media has dubbed the “allstars” of the crypto world: BTC, ETH, Solana (SOL), Cardano (ADA), and XRP (XRP). Talk about a party where no one can agree on the playlist!

The financial community is buzzing with opinions ranging from enthusiastic endorsements of this digital asset play to the more skeptical observations of BitMEX co-founder Arthur Hayes. Hayes has unceremoniously dismissed the announcement as mere political theatrics, suggesting that without Congress waving its magic wand, the government has as much chance of buying Bitcoin as a cat has of winning a dog show.

Nothing new here. Just words. Lmk when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy #bitcoin and #shitcoins.

— Arthur Hayes (@CryptoHayes) March 3, 2025

As Trump prepays for the White House Crypto Summit (I hope no one tries to pay in Monopoly money), the stakes have never been more electrifying. After his announcement on March 2 about this grand crypto treasure chest, the market skyrocketed by 8%, proving once again that news can be as powerful as the very currency it discusses. And with all eyes glued to the government’s next move, we can only sit back with popcorn and enjoy the circus.

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2025-03-03 06:57