A Neutral Perspective on the US National Crypto Reserve Debate

As an external observer with no stake in US strategic reserves, the idea of a national crypto reserve raises important questions, particularly regarding which assets should be included.

While former President Trump and others have pointed to cryptocurrencies like Solana (SOL), Cardano (ADA), and XRP as viable candidates, a closer examination suggests these assets may be fundamentally flawed to take such a role.

Made in the US, yes. Owned by the US, no.

One argument in favor of these tokens is that they are “made in the US”, which may appeal to policymakers seeking to reinforce American technological leadership.

However, this domestic origin is overshdowed by a critical flaw: centralization.

Each of these assets is controlled, to varying degrees, by specific entities:

• XRP is largely governed by Ripple Labs, which still holds a significant portion of its supply and has direct influence over its ecosystem. They lost a significant part of the early ledger, raising questions over irregular dealings.

  
  

• Cardano (ADA) is steered by IOHK, a company led by Charles Hoskinson, who also retains substantial influence and holdings.

  
  

• Solana (SOL) has similarly high levels of concentration, with early investors and the Solana Foundation holding large allocations.

These structures bear an uncomfortable resemblance to corporate equity rather than a neutral, universally accepted asset. This reality undermines the very premise of a strategic reserve, which must be independent of centralized control and resistant to political influence.

The Geopolitical Reality: Why Nation-States Won’t Accept These Tokens

The fundamental issue with a reserve asset is not just whether the issuing country controls it, but whether other nations trust and accept it.

The US dollar, despite its historical dominance, is increasingly viewed as a political tool due to America’s ability to freeze assets and cut adversaries off from the global financial system.

This has led many countries to explore alternatives, including gold, commodities, and even bilateral trade settlements outside the USD system.

A US-backed reserve of SOL, ADA, or XRP would suffer the same fate. Except worse. Unlike the dollar, these tokens are:

• Not widely used as settlement assets between nation-states

  
  

• Subject to unilateral control by private American entities

  
  

• Technically vulnerable to censorship, insider control, and network manipulation

Simply put, a national crypto reserve composed of such assets would not be accepted by geopolitical counterparts for the same reasons the US dollar is losing ground. Imagine being a non-aligned nation and trying to enter into a trade transaction using XRP. Your money could simply be switched off. Except with even less trust and infrastructure.

Bitcoin: The Only Digital Asset That Fits the Role

If a nation-state truly wants a non-political, universally recognized, and censorship-resistant digital asset for reserves, there is only one choice Bitcoin (BTC).

Unlike SOL, ADA, or XRP, Bitcoin:

• Has no centralized issuer: No foundation, no CEO, no insider allocations.

• Operates on a globally distributed network: No single entity can freeze, reverse, or control transactions.

• Has an immutable, transparent ledger: Every transaction since its inception remains publicly verifiable.

Even Peter Schiff, a staunch gold advocate and Bitcoin skeptic, acknowledges that reserve assets must be independent of political control.

His primary argument has always been that gold fits this role better than any fiat currency or corporate-controlled asset.

Whether one agrees with his view or not, the logic remains sound: Assets meant for national reserves must be truly neutral, universally accepted, and resistant to manipulation.

Bitcoin, and Bitcoin alone, meets these criteria in the digital realm.

Conclusion: The Wrong Approach to a Strategic Reserve

The concept of a national crypto reserve is an interesting one, but the selection of assets is crucial. SOL, ADA, and XRP, despite their US ties, are ultimately corporate-controlled, making them politically non-neutral and unsuitable for nation-state adoption.

For the same reason that the US dollar is facing de-dollarization pressures, a centrally governed “crypto reserve” would be met with skepticism by international partners. If the goal is to build a durable, geopolitically viable reserve, there is only one digital asset that fits the bill: Bitcoin.

Everything else is just a tech stock in disguise.