The announcement received criticism from some crypto leaders, such as Coinbase CEO Brian Armstrong, who had pushed for only including Bitcoin, and 8VC general partner Joe Lonsdale

Some Bitcoiners also believe that a reserve could serve as a hedge against inflation. They point to the fact that the dollar has gotten less valuable over time, and argue that Bitcoin’s value could be stronger than the dollar’s during global economic crises.

Analysts say the crypto market needs a reason to move higher, such as indications that the Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.