Dear President Trump: Opt for Bitcoin Reserves, Not Altcoin Reserves

Recently, President Trump enacted an Executive Order (EO) titled “Strengthening American Leadership In Digital Financial Technology.”

This significant document details how the U.S. administration plans to incorporate “digital assets” and uphold the rights of both individuals and enterprises to interact with “cryptocurrencies” and “blockchain technology.”

Notably, Bitcoin is absent from any mention within the EO.

Alarmingly, it is particularly missing from the section discussing the potential formation of a “stockpile” of digital assets by the President’s Working Group on Digital Asset Markets, which was also established through this EO.

The exact wording states:

“The Working Group shall assess the feasibility of establishing and maintaining a national digital asset stockpile and suggest criteria for its creation, possibly using cryptocurrencies lawfully seized by the Federal Government through its law enforcement operations.”

Bitcoin is among the 17 digital assets that the Federal Government has confiscated.

“stockpile” is jargon that means holding what they have, but not necessarily buying anything

according to @arkham, here’s all the coins that the USG holds over $1m pic.twitter.com/CtLEuP5utA

— Alex Thorn (@intangiblecoins) January 23, 2025

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The concept of the government choosing to retain the 16 other crypto assets in its possession seems absurd and futile, as none of these were intended to serve as a store of value, and many are merely digital iterations of the devaluing U.S. dollar.

Simply put, there’s no justification for the U.S. to hoard digital assets that continuously lose value compared to Bitcoin. Before even considering unique features like Bitcoin’s fixed scarcity or its highly decentralized network, one must recognize that no digital asset has reached new all-time highs against Bitcoin in successive bull markets, illuminating why a focus on Bitcoin alone is the logical approach.

Even industry professionals who analyze lesser cryptocurrencies acknowledge this:

I didn’t donate $12 million to Kamala or cost the GOP three additional Senate seats like Ripple did.

But I’m still gonna try to help @realDonaldTrump and team understand why XRP is the poster child for why we shouldn’t have a national crypto reserve.

Bitcoin Reserve or nothing.

— Ryan Selkis (d/acc) (@twobitidiot) January 24, 2025

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Therefore, President Trump, it may be time to enhance your Bitcoin collection by exchanging the 16 other digital currencies for Bitcoin and moving forward. Surely, you’ve noted how successful the Bitcoin-only strategy has been for President Bukele, with whom you recently had a conversation.

It’s crucial to demonstrate to the world that we recognize Bitcoin as the true savings technology, while everything else simply falls short.

The post Dear President Trump: Opt for Bitcoin Reserves, Not Altcoin Reserves appeared first on Crypto Breaking News.