Today in crypto, Solana co-founder Anatoly Yakovenko said he opposes a US national crypto reserve, warning that government control could undermine decentralization, defunct crypto exchange Mt. Gox has moved 12,000 Bitcoin amid a crypto market slump, and US President Donald Trump is expected to unveil plans for a strategic Bitcoin reserve on March 7.
Solana co-founder questions Trump’s crypto reserve despite SOL inclusion
Solana co-founder and CEO Anatoly Yakovenko said he would prefer no US crypto reserve, citing the risks to decentralization if a government was in charge.
On March 6, Yakovenko posted on X, sharing the order of his preferences regarding a US reserve of cryptocurrencies. The Solana co-founder said his No. 1 preference would be having no reserve because putting the government in charge may cause decentralization “to fail.”
Yakovenko said his second preference was for states to run their own crypto reserves. The Solana CEO said this could act as a hedge against the Federal Reserve making a mistake.
On March 2, US President Donald Trump announced a list of digital assets to be included in a crypto strategic reserve. Trump said the Working Group on Digital Assets had been instructed to include XRP (XRP), Solana (SOL), Cardano (ADA), Bitcoin (BTC) and Ether (ETH).
Source: Anatoly Yakovenko
Mt. Gox wallet moves $1 billion in Bitcoin amid market volatility
Bankrupt crypto exchange Mt. Gox has started shifting Bitcoin again, with 12,000 BTC on the move in a tumultuous week rattled by market volatility.
On March 6, Arkham Intelligence alerted its users on X that the Mt. Gox wallet (1PuQB) had moved 12,000 Bitcoin (BTC) worth a little over $1 billion. The transaction cost $1.64 in fees.
The latest Mt. Gox wallet transaction. Source: Arkham Intelligence
At the same time, 166.5 BTC worth around $15 million was sent to the Mt. Gox cold wallet (1Jbez), while the remainder of the assets were moved to an unidentified wallet (1Mo1n), which currently holds a balance of 11,834 BTC.
Mt. Gox-linked entities currently hold 36,080 BTC worth around $3.26 billion, according to Arkham data.
It is the first Bitcoin transaction from Mt. Gox linked wallets for a month, the most recent being a shuffle of 4 BTC between cold wallets. It is unclear what this latest transaction was for.
Trump’s commerce secretary hints at Bitcoin-only strategic reserve
US Commerce Secretary Howard Lutnick has confirmed that the Trump administration will unveil plans for a strategic Bitcoin reserve at the upcoming White House Crypto Summit on March 7.
In an interview with The Pavlovic Today, Lutnick clarified that Bitcoin (BTC) will likely have a special status in the country’s national cryptocurrency reserve, which will include Ether (ETH), Solana (SOL), Cardano (ADA) and XRP (XRP).
“The president definitely thinks that there’s a Bitcoin strategic reserve,” Secretary Lutnick said. “Now, there will be the question of, how do we handle the other cryptocurrencies. And I think the model is going to be announced on Friday when we do that.”
Source: Anthony Pompliano
President Donald Trump has faced criticism since announcing on social media that the country’s crypto reserve would include assets other than Bitcoin. Critics say centralized altcoins should not be included alongside Bitcoin, which is the only decentralized commodity that can be used as a long-term store of wealth.
Even notorious Bitcoin critic Peter Schiff, who refused to invest in the digital asset when it was valued at less than $100, said he understands the rationale behind a BTC-only reserve but not one that includes altcoins.
In response, Lutnick reiterated Trump’s interest in a Bitcoin-only stockpile without dismissing the other assets in the proposed basket.
“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently — positively, but differently,” said Lutnick.
