Coinbase CEO Brian Armstrong suggested that Bitcoin might be the best option for a US cryptocurrency reserve, following President Donald Trump’s proposal for a “Crypto Strategic Reserve.”

He called a bitcoin-only reserve the “simplest” approach, comparing it to gold.

However, he also mentioned a market cap-weighted index of multiple cryptocurrencies as a neutral alternative but leaned toward bitcoin alone. Armstrong noted that he was still forming his opinion.

President Trump announced that the reserve would initially include bitcoin and ethereum, with possible expansions to solana, XRP, and cardano.

The news triggered major market rallies, with bitcoin rising over 8% and ethereum up 11%, while solana, XRP, and cardano saw even larger gains.

Recent Coinbase developments