Skepticism Arises Around Trump’s Proposed U.S. Cryptocurrency Reserve

Arthur Hayes, co-founder of BitMEX, has openly criticized President Trump's announcement regarding a U.S. strategic cryptocurrency reserve. Hayes described the move as 'nothing new' and questioned its feasibility, stating that without congressional approval and sufficient funding, the government would struggle to buy major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Despite this, the market reacted positively to Trump’s suggestion, with Bitcoin experiencing an over 8% rise and altcoins recording double-digit gains. Contrarily, Hayes maintains a cautious approach, indicating he will not increase his crypto holdings for now. On the other hand, Binance's Changpeng Zhao has suggested a more optimistic outlook on the potential expansion of the reserve in time.