"Small altcoins will face opposition from the US Congress in the process of strategic stockpiling"
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The JP Morgan research team led by Nicholas Panigirtzoglou reported on the 6th that "it will be particularly difficult for cryptocurrencies such as XRP, SOL, and ADA to be included in the US strategic assets" and "the US Congress is unlikely to accept cryptocurrencies other than BTC and ETH as strategic assets".
US President Trump wrote on his social media platform 'Truth Social' on the 2nd that "the US cryptocurrency strategic stockpiling will be centered on BTC and ETH, and will also include XRP, SOL, and ADA". The cryptocurrencies specifically mentioned by President Trump, especially the altcoins, have created great expectations in the market. Based on President Trump's remarks, the mentioned altcoins recorded a rise of over 15% on the 3rd.
This is an opinion that the market's expectations may be in vain.
The JP Morgan research team stated that "the probability of the US government's cryptocurrency strategic stockpiling scenario being realized is less than 50% as it requires congressional approval". They also emphasized that "small tokens other than BTC and ETH will face strong opposition from the US Congress due to concerns about volatility".
In fact, on the 7th, although President Trump signed an executive order on cryptocurrency stockpiling, most altcoins fell. This is because the executive order only mentioned the possibility of stockpiling cryptocurrencies other than BTC, and did not specifically name the cryptocurrencies as President Trump had stated.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
