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Trump’s reserve announcement boosted cryptocurrency prices, but Yusko questions included coins’ values.
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Yusko’s Venture Capital has never heard of XRP or Cardano despite years in venture capital.
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He says that Trump’s support could benefit his affiliates who own these cryptocurrency.
Donald Trump announced recently on Truth Social that he would be creating a strategic reserve which would include Bitcoins, Ethereums, XRPs, Solanas, and Cardano.
After this announcement, prices of these cryptocurrencies soared. Bitcoin rose by 10% and others, like Cardano, jumped over 60%.
Howard Lutnick has stated that the Bitcoin Reserve could be executed on March 7th, the day of the Crypto Summit. He is also Trump’s Secretary of Commerce.
Yusko’s core argument: Bitcoin as “Digital Gold”
Mark Yusko, founder of Morgan Creek Capital Management and Milk Road, raised an important question in a podcast: Why include cryptocurrencies other than Bitcoin?
Bitcoin is widely considered to be a superior currency. Gold has been the standard of money for decades. Bitcoin is also referred to as “digital gold”. Bitcoin is a more powerful alternative to gold, which has been a commodity for a long time. He explained that Ethereum, Solana and their smart contract capabilities could be viewed as useful. They may work as second or even third layers on Bitcoin.
Related to White House Crypto Summit on 7th March: Experts Say Another Executive Order Expected
He raised doubts, however, about XRP (and Cardano), adding that these projects were heavily backed by the creators of these coins who paid millions to each political party to get their coin recognized.
No one pitches me XRP or Cardano deals
Mark stated that despite all of his years in venture capitalism, he had never heard anyone pitch a project based upon XRP or Cardano. “I’ve been in venture capital for seven years now. I mean this with respect, but it is true that I have never had anyone pitch me a project based on XRP or Cardano. I have never had a team pitch me a project on either of these chains (XRP or ADA). I’ve heard from many people who have pitched me on Ethereum, Solana and Bitcoin, but never on these two chains,” said he.
Mark believes that these coins are the products of large pre-mines, which were designed to make people wealthy by selling them. Trump’s interest could be sparked by the fact that many of his affiliates have a large number of these coins and benefit financially when their value increases.
Related: Bitcoin supply nears limit: price analysis & US Reserve effect on market
Mark believes Trump will announce that he will only accept Bitcoins as reserves and may also make positive comments about other cryptocurrencies. This could include tax breaks. Mark believes that the upcoming announcement could be a turning-point for the future of Bitcoin regulations and crypto currencies.
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