Despite initially including several large market cap altcoins, US President Donald Trump's proposed crypto reserve is expected to consist almost "entirely of Bitcoin," according to Bitwise chief investment officer Matt Hougan.
In a market note dated March 5, Hougan explained:
"Market participants have soured on the announcement because the proposed reserve holds more than Bitcoin. The inclusion of small-cap assets in the announcement unnecessarily complicated matters."
On March 2, Trump stated that the pool would feature Solana, XRP and Cardano, later emphasizing that Bitcoin and Ether would be "the heart" of the reserve. Hougan commented:
"After the dust settles, I suspect the final reserve will be nearly entirely Bitcoin, and it will be larger than people think."