Solana Co-founder Anatoly Says Only Bitcoin Satisfies Reserve Requirements

Solana co-founder Anatoly Yakovenko opposes the US government holding cryptocurrency strategic reserves. He believes this would destroy the core principle of decentralized cryptocurrencies, arguing that government control contradicts their very nature.

Yakovenko proposes an alternative model where individual state governments would strategically stockpile cryptocurrencies as a hedge against potential Federal Reserve policy errors.

Furthermore, this approach, he suggests, would mitigate risks associated with macroeconomic instability. Crucially, he stresses the necessity of objective and justifiable criteria for selecting cryptocurrencies for such reserves.

Bitcoin Strategic Reserve Only

Yakovenko believes Bitcoin is the only cryptocurrency currently meeting the necessary standards to be a strategic reserve. Moreover, he sees Solana as a potential future competitor, suggesting it may one day match Bitcoin’s security, decentralization, and established market position.

Notably, his recent social media post highlights a major ongoing disagreement: the conflict between government control and the decentralized ideal of many cryptocurrencies. He, along with Crypto Quant CEO Ki Young Ju, advocates for government-held cryptocurrency reserves managed under clearly defined rules.

In an X post, Young Ju states:

”The crypto market is increasingly becoming a weapon of the United States. Since Trump’s election, universal moral standards have declined. Now, if something benefits Trump and serves U.S. national interests, it is no longer illegal. Despite opening the market without proper regulations against practices like rug pulls, one thing was made clear: Follow the Trump administration’s agenda and contribute to U.S. national interests.”

Bitcoin Has No Value?

In an X post on February 28th, Yakovenko recently offered a provocative assessment of Bitcoin’s utility, characterizing it on social media as essentially valueless, serving at best as insurance against a catastrophic geopolitical event.

The Solana co-founder stated there is a 1% chance a major world power could fall each year, so he put some of his money into Bitcoin to protect himself. He stressed this wasn’t an investment, but a cost – something he had to do, even if he didn’t get anything back, and whether Bitcoin’s value goes up or down doesn’t matter.

Additionally, he argued that any success here has little to do with Bitcoin’s current technology, but a lot to do with its early invention fifteen years ago. He agreed that people see Bitcoin as protection against falling currency values, but warned against being too risky with it.