Samson Mow, Farcaster Founder and Top Voice in the Industry, warned that Donald Trump’s choice of Altcoins for the proposed crypto reserve could lead to chaos and serious Market Manipulation.
The crypto founder believes the emphasis should be on tokens with proof-of-work such as Bitcoin and Litecoin.
He said The Choice of XRP, Solana, Cardano, and Ethereum could become a gift to lobbyists and Insiders, muddying an already dirty crypto market.
The Founder believes that if Trump’s Crypto Reserve goes rogue, the United States could plunge into a degeneracy unprecedented in history.
Donald Trump announced his plans to issue his digital assets team an executive order to prepare for a strategic crypto reserve. The reserve will feature XRP, SOL, ADA, and ETH.
The President added that Bitcoin will also be at the heart of the crypto reserve, fulfilling his long campaign promise.
Rough February for the Crypto Market
The announcement followed a turbulent February for the Crypto market. Many analysts believe the crypto president’s announcement for a crypto reserve was an attempt to kickstart a bull run after many weeks of bearish sentiment.
February 2025 saw the crypto market witness a sharp correction. Bitcoin, the primary crypto asset, reportedly dropped below $90,000 at one point, its lowest since November 2024, after peaking near $110,000 earlier in the year.
This dip wiped out over $100 billion in market cap for Bitcoin alone.
Ethereum, the biggest Altcoin, fell below $2,600, a drop of around 10% to 15% from early February. This dip was worsened by a major hack on the Bybit exchange involving $1.5 billion in losses, much of it in ETH.
The total crypto market cap shed upwards of $200 billion in days, dipping from around $3.2 trillion to $2.77 trillion by late February.
The Month of March seems promising for the crypto market, with Bitcoin regaining value and crossing the $90,000 mark.
The White House is slated to hold a crypto summit on Friday, March 7th with the Crypto Czar David Sacks, Boo Hines and other top members of Trump’s Digital assets team in attendance.
