“The US Should Only Stockpile Bitcoin… Other Cryptocurrencies Will Continue to Lose Value” #CriptoNews

With President Donald Trump officially signing an executive order to establish a cryptocurrency working group, a suggestion has emerged that the US’s cryptocurrency stockpile strategy should only include Bitcoin (BTC).

On the 24th (local time), Frank Korva, a contributor to Bitcoin Magazine, stated, “President Trump signed an executive order titled ‘Strengthening American Leadership in Digital Financial Technology’ the day before,” and “the cryptocurrency working group will provide opinions to the White House on the stockpiling of digital assets.”

However, Korva pointed out that it was a mistake not to differentiate Bitcoin from other cryptocurrencies in the order. Korva noted, “According to the executive order, the cryptocurrency working group is supposed to propose standards for establishing such stockpiles from cryptocurrencies that the federal government has legally seized through law enforcement efforts,” but emphasized that “considering the stockpiling of cryptocurrencies other than Bitcoin is meaningless.”

According to the cryptocurrency data provider Arkham, the US government currently holds a total of 17 types of cryptocurrencies. Bitcoin is the largest at $20 billion, followed by Ethereum ($176 million), Tether ($122 million), Wrapped Bitcoin ($79 million), Binance Coin ($27 million), AUSDC ($13 million), USDC ($11 million), Wrapped Ethereum ($10 million), DAI ($9 million), Uniswap ($4 million), Tron ($4 million), Chainlink ($3 million), and Render ($2 million).

Korva emphasized, “The other 16 cryptocurrencies held by the government, besides Bitcoin, are not designed as a store of value, and many of them are just digital versions of the continuously depreciating US dollar,” adding, “There is no reason to stockpile digital assets that continue to lose value compared to Bitcoin.”