U.S. President Donald Trump announced a crypto reserve including Bitcoin and several altcoins, provoking a strong reaction in the crypto industry.
Cryptocurrency Selection for the Reserve
During a White House press conference, Trump outlined plans for a crypto reserve comprising Bitcoin, Ethereum, and altcoins like Ripple, Solana, and Cardano. This announcement surprised many, given the U.S. connections of the mentioned projects. Following the news, altcoin prices surged, while Bitcoin's market dominance slightly decreased.
Industry Leaders' Reactions
Industry executives and analysts have been quick to respond to the news with diverse opinions. Coinbase CEO Brian Armstrong suggested that Bitcoin is the simplest and clearest option. Meanwhile, others like Raoul Pal have proposed using a cryptocurrency index to ensure neutrality. However, not all reactions were positive, with some critics voicing concerns about the inclusion of altcoins in the plan.
Congressional Approval Needed
Despite the market's positive response, the implementation of the plan depends on approval from the U.S. Congress. This legislative step introduces complexity to the process and raises uncertainty about the plan's future.
The announcement of a U.S. crypto reserve has sparked discussions and market movements. However, the plan's future hinges on Congressional approval.
