Arthur Hayes, BitMEX co-founder, has criticized the news that Donald Trump is adding BTC, ETH, SOL, XRP, and ADA to the strategic reserves of the USA. The sentiment about crypto reserve news is mainly positive as the crypto market received a much-needed boost. BTC surged 10% after this news and altcoins also made gains.

Trump’s Crypto Reserve Plan Sparks Immediate Market Rally

Last night, Trump shook social media with the news that BTC, ETH, SOL, XRP, AND ADA will be added to the strategic reserves of the USA. He wants the USA to become the crypto capital of the world, as per news sources. This is significant in the embracement of digital currency as a means of improving the overall economic infrastructure of the country.

Thus, cryptocurrencies rallied after this. Some of these coins were facing dips, but after Trump’s revelation, the prices of the coins surged in no time. The most prominent gainers during this rally were Cardano ($ADA) and Ripple ($XRP).

Public Response over Arthur Hayes Comments about Trump’s News

Arthur Hayes says that Trump’s news is nothing but words. He made these remarks in response to a tweet of David Sacks. Hayes is of the view that this plan needs congressional approval as a lot of money is to be borrowed, or the price of gold will inflate to buy coins and altcoins. Doing any of this right now is tougher. Therefore, he says that he is not going to keep buying more coins even though he is still bullish.

Some people believe in Hayes’ comment, saying that without legislative support and a lot of financial backing, this plan is doomed to fail. However, some are calling him a skeptic or a disbeliever prompting people to sell coins.

Trending Now: Bitcoin Surges as Fixed Investment Zone Signals Bullish Momentum

Arthur Hayes has raised a valid point regarding Trump’s creation of strategic crypto reserves in the USA. The move demands congressional approval, finance, or increased gold price, none of which can be done right now. Even the public is torn as only half of them back up Hayes’s comments, while some are calling him a disbeliever.