The push for state Bitcoin reserves follows President Trump’s federal digital asset reserve proposal, which drew criticism for including multiple cryptocurrencies, as industry leaders argue only Bitcoin compares to gold

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This comes after Trump’s plan to hold multiple cryptocurrencies in a federal reserve has drawn criticism, as industry leaders argue bitcoin is the only asset comparable to gold

Many industry leaders have criticized Trump’s decision to hold other cryptocurrencies beyond bitcoin, as it is the one that best fits the characteristics of other reserve assets such as gold

Pro-Bitcoin lawmakers also assuaged fears that Bitcoin was a direct competitor to the US dollar as a global reserve currency, adding that BTC was more similar to gold and a hedge against inflation