Prices of SOL and XRP jumped when the New York Post published the rumor on Thursday.
Trump May Be Considering SOL, XRP, and USDC Alongside Bitcoin for an ‘America First’ Strategic Reserve
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
SOL, XRP, and USDC Might Join Bitcoin in a Newly Conceived Strategic Crypto Reserve
Donald Trump is not a Bitcoin maximalist, he just rubs elbows with them. So what happens when – as first reported by the New York Post on Thursday – the creators of solana ( SOL), Ripple’s XRP, and Circle’s USDC convince Trump to consider going beyond a bitcoin-only strategic reserve by establishing an “America First” version that includes their coins?
For many, the initial response is outrage. After all, if some crypto pundits insist that a bitcoin reserve would be detrimental to the dollar, what more a crypto reserve with coins that are even less decentralized than BTC?
A federal crypto portfolio where the government manages multiple coins and tokens could turn out to be a good idea, but the strategic bitcoin reserve as described by Republican Wyoming Senator Cynthia Lummis, implies using bitcoin the same way gold was previously used to back the U.S. dollar. Such a reserve is controversial enough with bitcoin as its sole asset. Adding less established coins that are still heavily influenced by their creators, should be even less palatable.
But many are optimistic – prematurely or not – including none other than Ripple CEO Brad Garlinghouse.
“With the largest capital markets finally embracing crypto and talk of crypto strategic reserves…a step function change in adoption is closer than you think,” Garlinghouse said at the CfC St. Moritz conference on Thursday, referencing the rumor.
SOL and XRP were both up 2.4% and 5% over 24 hours respectively at the time of writing. Bitcoin dipped marginally by 0.1% over the same period, according to data from Coingecko.
