Cardano (ADA) supporters want to know if the cryptocurrency could soon be listed on Gemini since it was recently included in U.S. President Donald Trump’s proposed U.S. crypto reserve.
On March 2nd, the president said he planned for five cryptocurrencies to be part of the reserve: ADA, XRP, BTC, SOL, and ETH.
Many in the crypto space were excited about this news, as it could be a big push for ADA, especially since it has now been recognized by the U.S. government.
However, it does not look like Gemini will be listing ADA on its platform following a recent online banter between Charles Hoskinson, the founder of Cardano, and Tyler Winklevoss, the co-founder of Gemini.
Winklevoss made his views clear on the matter a few hours ago. He said that only one cryptocurrency fits the criteria for a strategic reserve: Bitcoin. Winklevoss believes that to be considered for the reserve, a digital asset needs to be “hard money,” similar to gold. This was in response to Hoskinson’s inquiry on March 2nd.
He added that while Gemini lists many cryptocurrencies for trading, ADA doesn’t meet the specific requirements for a reserve asset.
“I have nothing against XRP, SOL, or ADA, but I do not think they are suitable for a Strategic Reserve. Only one digital asset in the world right now meets the bar and that digital asset is bitcoin.”Winklevoss stated.
Charles Hoskinson, the founder of Cardano, didn’t agree with Winklevoss. He argued that many critics, including Winklevoss, have not clearly defined the criteria for what qualifies as “hard money.”
He defended ADA, saying it should be part of the reserve because of its technology and strong community support.
He emphasized that ADA’s inclusion was a smart move, especially since critics have not clearly defined what assets should qualify for such a reserve. In response to these critics, Hoskinson urged Cardano’s supporters to help educate others about ADA’s value and potential.
Meanwhile, ADA has lost 12% in value today alone, now trading at $0.8424 from an intraday high of 0.9666. It did over 40% rally on sunday surging from $0.6 to $1.1 on monday morning. It has been dropping again since then.
Its 24 hour trading volume is down 48% to $5.1 billion with a 13% drop in Market Cap to $29.7 billion.
Also Read: $863M Liquidated as Trump’s Crypto Reserve Plan Sparks Price Pump
