The crypto community is in uproar following Donald Trump’s announcement of a strategic crypto reserve that includes not only Bitcoin and Ethereum but also XRP, Solana (SOL), and Cardano (ADA). Bitcoin maximalists were quick to dismiss the initiative, branding it a “sh*tcoin reserve” and accusing the administration of diluting Bitcoin’s value with other digital assets.
Samson Mow, CEO of JAN3, took to X to express his disapproval, remarking that while Bitcoin’s price might be rising, “it’s a sad day for America if they actually shitcoin at a nation-state level.” He further added, “I can’t really say I’m surprised though, with Trump having launched a memecoin. Hypershitcoinization awaits.”
Mow criticized the asset selection, arguing that the reserve benefits specific projects rather than serving a broader economic purpose. “Adding XRP to a digital asset reserve is lining Ripple corp pockets with extra steps. Adding Ethereum to a digital asset reserve is lining Buterin’s pockets with extra steps. Adding Solana to a digital asset reserve is lining Sacks’ pockets with extra steps. And so on,” he said.
Longtime Bitcoin skeptic and gold advocate Peter Schiff also weighed in, downplaying Bitcoin’s significance in the reserve. “According to Trump’s Truth Social post, the Strategic Reserve they are ‘evaluating’ would consist of Bitcoin, Ethereum, Solana, Ripple, Cardano, and other valuable cryptocurrencies,” he wrote. “That means there’s nothing special about Bitcoin. It’s just one of an unlimited supply of cryptos.”
Schiff suggested that Trump’s post was a strategic move to prevent a Bitcoin selloff rather than a genuine policy initiative. “The story is based on a Truth Social post. But Bitcoin, Solana, Ripple, and Cardano are rallying on the ‘news.’ I’m sure establishing such a reserve, which Trump actually lacks the authority to create, is still only being ‘evaluated.’ The post itself amounts to a Bitcoin bailout.” He later added, “Someone got Trump to do a follow-up post to include Bitcoin and Ether in the Strategic Reserve. Why leave out Trump coin? This is all BS. Bitcoin was on the verge of another sharp selloff. So Trump was brought in to rescue crypto with a bailout post.”
Bitcoin maximalists remain adamant that Bitcoin will ultimately become the only asset in the reserve. Pierre Rochard, vice president of Research at Riot Platforms, dismissed the inclusion of altcoins, predicting that they would eventually lose value relative to Bitcoin. “As altcoins inevitably demonetize and trend to zero relative to Bitcoin, the strategic reserve will naturally become Bitcoin-only. Folks, this is Economics 101,” he stated.
Blockstream CEO Adam Back also mocked the initiative, sharing a meme that read, “Best I can do is a strategic shitcoin reserve.”
The controversy comes ahead of the first White House Crypto Summit, scheduled for Friday. The event is expected to bring together industry leaders and policymakers to discuss the future of digital assets. However, details regarding the structure and implementation of the Crypto Strategic Reserve remain unclear, leaving many skeptical about its long-term viability.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist