President Donald Trump announced the creation of a U.S. “Crypto Strategic Reserve” that would contain Bitcoin, Ethereum, Solana, XRP, and Cardano. The announcement has sparked a market rally; some industry leaders weigh in on what they believe to be the best course of action.

Sunday night, Coinbase CEO Brian Armstrong joined Twitter (X), suggesting that it would be the simplest and most effective approach to a Bitcoin only reserve. He stated:

“Just Bitcoin would probably be the best option simplest, and clear story as successor to gold. If folks wanted more variety, you could do a market cap-weighted index of crypto assets to keep it unbiased. But probably option #1 is easiest.”

Bitcoin, Ethereum Rally After Trump’s Endorsement

Trump’s latest comments have thrown our world of crypto into a mighty stink. Even those who equate the announcement with an historic shift in policy are not convinced it will have much effect shortly. BitMEX co-founder, and former CEO, Arthur Hayes called the news mere rhetoric.

“Nothing new here. Just words. [Let me know] they call me when they get heavenly congressional tuppence wherewith they may borrow or double up gold price. They have no money to buy bitcoin and shitcoins without that, wrote Hayes on X.

Trump’s crypto endorsement was met by skepticism but the market still took to it very well. Ethereum also added over 11% while Bitcoin had a rise over 8%. XRP soared 31%, Solana spiked 20% and Cardano ballooned 68% in altcoin gains, according to the time of writing.However, altcoins also soared alongside the mainstream coins.

The Binance founder Changpeng Zhao advised the community to remain optimistic and patient. “Chill guys. There is no need to over analyze, Zhao relays on Twitter. “The addition of more valuable crypto is likely to happen over time.” More countries will follow. I like it, it’s a great start of something really good. Be happy. Keep building.”

However, the future of the proposed reserve is still uncertain with the crypto industry’s eyes on it. Whether Trump”s vision comes to fruition or remains as vacuous political rhetoric, the market has already and overwhelmingly reacted and it is reacting to it.