Bitcoin’s notoriously volatile again, shedding $10,000 in a single day as its price tumbled from $93,000 to $83,000. This is all because of President Donald Trump’s proposal to establish a strategic cryptocurrency reserve — a pivot from his earlier stance of exclusively stockpiling Bitcoin. 

The shift didn’t sit well with crypto leaders, who swiftly pushed back. Their stance is clear: if there’s going to be a reserve, it should be Bitcoin-only.

Trump’s plan envisions a reserve comprising Bitcoin—often hailed as “digital gold” for its inflation-hedging properties—alongside Ether, XRP, Solana, and Cardano. However, key details remain uncertain, including the reserve’s size, timeline, and whether it would be managed by the Federal Reserve or another entity.

On Tuesday morning, the leading cryptocurrency is trading at $83,046, representing a loss of over 7% within a single day. Ether, the native token of the Ethereum network, experienced a decline of 9% during the same period. Solana recorded a loss of 12%, while XRP and Cardano dropped by 9% and 12%, respectively.

The Winklevoss twins are upset

The Winklevoss twins, founders of the cryptocurrency company Gemini, who donated millions to support Trump’s election campaign, did not like the President’s crypto reserve idea.

Tyler Winklevoss posted on X: “I have nothing against XRP, SOL, or ADA, but I do not think they are suitable for a Strategic Reserve.”

“Only one digital asset in the world right now meets the bar, and that digital asset is bitcoin.”

Cameron Winklevoss expressed surprise on X about the other digital assets under consideration. He wrote, “Bitcoin is the only asset that qualifies as a reserve store of value.”

Crypto experts aren’t fans, either

Some cryptocurrency experts expressed skepticism about Trump’s strategic crypto reserve idea in an email to Quartz. Steven Lubka, managing director at Bitcoin financial services firm Swan Bitcoin, noted that the primary risk with other cryptocurrencies isn’t to the U.S. but to individual investors who might interpret this as an endorsement of those assets.

Michael Terpin, CEO of Transform Ventures and author of Bitcoin Supercycle, said that a strategic stockpile should consist solely of the highest-quality, truly decentralized digital asset – which is Bitcoin. “Adding secondary cryptos controlled by companies and foundations would be akin to adding gold mining and energy stocks to the strategic gold and oil reserves.”

He noted that Bitcoin is the only digital asset consistently reaching new all-time highs in every cycle. “Keep it simple and safe. Keep the strategic reserve in Bitcoin.”