Bitcoin Should be Given the Top Priority: Gemini CEO

• Gemini CEO Cameron Winklevoss expressed his optimism over Trump’s crypto reserve plan.
• Winklevoss emphasized that Bitcoin should be the top choice rather than an option.
• El Salvador adds another 5 Bitcoins to its reserve, boosting its holdings to 6,100 BTC.

Gemini CEO Cameron Winklevoss expressed his optimism over the creation of the crypto reserve proposed by President Donald Trump. However, he stated his displeasure that Bitcoin was being considered as an option rather than the main choice. In his X post on Tuesday, Winklevoss emphasized that Bitcoin is the only asset that meets the bar for a store of value reserve asset. He further stated that although other assets could make the grade in the future, Bitcoin sets a high bar.

Apart from Bitcoin, Winklevoss emphasized Ethereum could also be a likely asset. Further, he pointed out that if the government secured other assets like XRP and ADA through seizure or forfeiture, this kind of stockpiling would be better than purchasing them in the open market. On the other hand, Erik Voorhees, the founder of Venice.ai, criticized the idea of the national government owning Bitcoin and preferred keeping private money as private.

Also supporting Winklevoss’s opinion, Voonrhees stated that Bitcoin is the safest and most trustworthy digital asset on the planet, emphasizing that if there is a digital asset reserve, it should be of Bitcoin. Further, he stated that the reserve should start with the asset having the strongest foundation, stressing Bitcoin’s potential. After the reserve plan was proposed by Trump, the price of Bitcoin spiked 10% followed by a surge in altcoins. 

Meanwhile, El Salvador, the first country that adopted Bitcoin as its legal currency, had added another 5 Bitcoins to its strategic reserve. As of press time, the nation holds nearly 6,100 Bitcoins, valued at $1.4M. In a recent development, the International Monetary Fund (IMF) approved a loan of $1.4 billion to El Salvador for 40 months. Although the loan was approved last month, a set of new conditions were unveiled on Tuesday that the nation must comply with.

Related: El Salvador Buys 1.6 BTC Daily, Boosts Holdings to 6,081 BTC

The foremost condition directed the nation to end its public participation in the Chivo wallet and to stop using public funds for it by July. Further, it highlighted the establishment of a Bitcoin management for government-held Bitcoin. Apart from these, it requested the nation to disclose all its hot and cold wallet addresses, including its Bitcoin holdings. Although the statements have caused a stir in the community, El Salvador’s president is yet to respond.

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