🚫 Peter Brandt Critiques Trump's Crypto Reserve Plan
🗣 Veteran trader Peter Brandt has voiced strong criticism regarding President Donald Trump’s proposal for a U.S. crypto strategic reserve. This plan includes not only bitcoin (BTC) but also several altcoins such as ethereum (ETH), XRP, solana (SOL), and cardano (ADA). Brandt, who has over five decades of experience in the market, expressed his disapproval on March 4 via the social media platform X.
By adding any other cryptos other than bitcoin to a reserve, Trump just lost 30% of his credibility with me.
Brandt stated, further emphasizing that Trump's inclusion of altcoins represents a significant loss of credibility with true crypto enthusiasts. He referred to this decision as a
huge defeat for Trump’s credibility with true crypto fans.
📉 Initially, Trump's initiative aimed to establish a U.S. bitcoin strategic reserve. However, it was expanded on March 2 to incorporate various altcoins. The administration frames this move as a stride towards financial innovation and a hedge against inflation, yet the specifics regarding the reserve's operation remain vague.
Brandt reiterated his concerns about the inclusion of XRP and other altcoins, stating:
I could not be more serious about this. That Trump suggests that ETH and XRP should be part of a reserve has GREATLY destroyed his credibility with me.
He criticized this decision as indicative of a lack of discernment on Trump's part.
🤔 The crypto community is divided over Trump's recognition of multiple digital assets. Supporters view it as a positive development, while bitcoin maximalists caution that including altcoins introduces risk and volatility. Critics also question the selection process for the reserve, raising concerns about favoritism and market manipulation.
Economist Peter Schiff challenged the necessity of a U.S. XRP reserve, whereas Coinbase CEO Brian Armstrong advocated for a bitcoin-only approach but suggested a crypto index for diversification. Michael Saylor viewed the move as a win for the industry, predicting a substantial increase in bitcoin’s market cap. Meanwhile, Ripple CEO Brad Garlinghouse described the reserve as a turning point for XRP, arguing it legitimizes the asset despite past SEC actions.