Coinbase CEO Advocates for Bitcoin-Only Strategic Reserve in US

Brian Armstrong, CEO of Coinbase, advocates for the US to build its crypto strategic reserve primarily with Bitcoin, citing its advantages over gold. He asserts that Bitcoin is recognized as a reliable store of value by governments and financial institutions.

Key Points from Armstrong's Perspective

Bitcoin viewed as the safest long-term reserve asset.
Allows simplification and risk reduction compared to holding multiple currencies.
Alternative suggestion: a market cap weighted index of cryptocurrencies if diversification is desired.

The US government is planning to form a crypto strategic reserve that may include various assets like Ethereum, Solana, Cardano, and XRP. However, there is no final decision on the structure or composition of the reserve.

Debate on Reserve Structure

Some advocate for a diversified reserve to mitigate risks.
Supporters of Bitcoin-only reserves argue for its reliability and stability.

Globally, the adoption of Bitcoin as a reserve asset is increasing, with countries like El Salvador already including it in their national reserves. The US's approach could influence global attitudes toward digital assets.