Cardano founder Charles Hoskinson has called out critics for failing to define the benchmark for selecting cryptocurrencies for the U.S. digital asset reserve.
The crypto community has had mixed reactions since former U.S. President Donald Trump announced plans to move forward with the country’s strategic crypto reserve.
Interestingly, Trump opted for a multi-asset reserve, indicating that the initiative will support five cryptos: ADA, XRP, BTC, SOL, and ETH.
Tyler Winklevoss Disagrees With Multi-asset Reserve
While most crypto enthusiasts commended the initiative, others frowned at the government’s decision to include XRP, ADA, ETH, and SOL in the reserve. Notably, Tyler Winklevoss, the co-founder of Gemini, emphasized that these altcoins are unsuitable for a digital asset reserve.
He opined that a potential reserve asset must function like ‘hard money’ and be a store of value akin to gold. According to him, Bitcoin is the only asset that meets this standard.
Additionally, Tyler stressed that even though Gemini supports the trading of most crypto assets named in the reserve, he believes they do not meet the criteria for inclusion in the reserve.
In response, Cardano founder Hoskinson emphasized that most critics have not explicitly defined the criteria for what constitutes hard money or qualifies for inclusion in the U.S. crypto reserve.
This suggests that while most critics like Tyler demand a high standard, no explicitly defined benchmark for selection has been agreed upon.
Notice how they never tell you what the threshold is? https://t.co/0HoN3kEl5W
— Charles Hoskinson (@IOHK_Charles) March 3, 2025
Hoskinson Defending Trump’s Crypto Reserve Decision
Hoskinson has been defending Trump’s decision to include altcoins, like ADA and XRP, in the reserve. As previously reported, he schooled crypto skeptic Peter Schiff on why Trump supported XRP for the initiative.
According to him, Trump named XRP as part of the U.S. crypto reserve due to its technology, community support, and resilience. He also urged the altcoin community to educate Bitcoin proponents and other critics who spread false narratives about the assets included in the reserve.
Notably, Eli Nagar, the CEO of Bitcoin mining company Braiins, noted that the U.S. government wants to spend taxpayers’ money on altcoins, which he labeled ‘sh**coin.’
Nagar claimed that Ripple can dump XRP anytime because it controls the supply. At the same time, he argued that Solana’s network is unstable, alleging that insiders hold most of the SOL.
The Bitcoin proponent added that the Cardano team influences the ecosystem’s decisions, not users. For Ethereum, Nagar claimed that the network can be easily censored.
In response, Hoskinson described these claims as completely false and called on his followers to educate Nagar and dispel these misconceptions.
Complete lie. Let's educate Eli https://t.co/OGlnDi6Zbq
— Charles Hoskinson (@IOHK_Charles) March 4, 2025
Cardano Community Urges Gemini to List ADA
Meanwhile, Gemini has yet to list ADA for trading. Following the inclusion of ADA among the supported crypto reserve assets, the Cardano community, including Hoskinson, called on the exchange to list the coin as it now has the backing of the United States government. However, Gemini has not responded to this growing demand.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
