Bitwise Chief Investment Officer Matt Hougan on Wednesday that despite a bumpy rollout, President Donald Trump‘s strategic crypto reserve announcement remains bullish for the market, a view tempered by industry critique over its scope.

What Happened: Unveiled on Sunday, the reserve—set to include Bitcoin BTC/USD, Ethereum ETH/USD, Solana SOL/USD, Ripple XRP/USD, and Cardano ADA/USD triggered a swift market reaction, with Bitcoin climbing from $85,000 to $95,000 before relinquishing all gains by Monday.

Hougan argues that the market’s souring on the diverse asset mix overlooks the policy’s long-term potential.

In a Tuesday blog post, Hougan addressed the backlash, including from Bitwise CEO Hunter Horsley, who tweeted on Sunday, “I imagined a Strategic Reserve would be just Bitcoin. That makes the most sense to me… Bitcoin is the undisputed store of value for the digital age.”

Horsley’s sentiment aligns with other crypto luminaries like Coinbase COIN CEO Brian Armstrong and Castle Island‘s Nic Carter, who questioned the inclusion of non-Bitcoin assets.

Yet Hougan sees beyond the flaws. “For all the flaws in the rollout, the reserve news is bullish,” he wrote, suggesting the market will eventually recognize its significance.

The announcement’s initial jolt and subsequent fade are captured in Bitwise data from CoinGecko, tracking crypto assets between Feb. 27 and Mar. 3.

Hougan attributes the retreat to skepticism over speculative assets like Cardano but predicts a refined outcome.

“This week’s announcement—as imperfect as it is—marks the first time the U.S. has ever said that bitcoin is a strategic asset,” he noted.

Also Read: White House Crypto Summit To Feature Roundtable With Industry Leaders Including Michael Saylor

What’s Next: He expects Friday’s White House Crypto Summit, hosted by crypto czar David Sacks, to sharpen the proposal—likely toward a Bitcoin-centric reserve—widening the policy’s global impact.

Horsley, while supportive of the administration’s crypto-friendly stance, emphasized a narrower vision in his tweet, “Of course, I’m grateful the new administration is so constructive on the space. Look forward to learning more about the thinking here.”

Hougan builds on this, arguing that international competition—evidenced by Bitcoin acquisitions in El Salvador, Bhutan, and Abu Dhabi—could accelerate if the U.S. commits.

He also sees political inertia favoring retention over liquidation, stating, “There is asymmetric passion for crypto in this country: There are a significant number of people who love crypto and a relatively small number who hate it.”

Despite the rocky start, Hougan believes the reserve’s bullish core will prevail.

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