JPMorgan casts doubt on U.S. crypto reserve inclusion of XRP, SOL, ADA
JPMorgan has cast doubt on the possibility of a U.S. strategic crypto reserve being approved, citing the likelihood of congressional hurdles and concerns over volatility.
According to the bank’s report, the inclusion of tokens such as XRP, Solana (SOL), and Cardano (ADA) in a U.S. crypto reserve would face significant challenges. JPMorgan’s managing director of global market strategy, Nikolaos Panigirtzoglou, suggested that a reserve plan is unlikely to gain approval due to risks and volatility concerns, particularly with smaller tokens, reports The Block.
The outlook for crypto in the U.S.
The bank’s analysis comes after President Donald Trump proposed the inclusion of XRP, Solana, Cardano, alongside Bitcoin (BTC) and Ether (ETH), in a potential U.S. strategic reserve. While the proposal briefly sparked optimism in the market, it was met with skepticism regarding both congressional approval and the feasibility of including smaller cryptocurrencies. JPMorgan also highlighted previous failed attempts at implementing similar bitcoin reserve proposals in several U.S. states, citing concerns over volatility.
Internationally, central banks, such as those in Switzerland and Poland, have rejected Bitcoin as a reserve asset. The European Central Bank has also been critical of Bitcoin reserves, reflecting broader skepticism towards cryptocurrency adoption as a mainstream financial asset.
JPMorgan’s report further warns of continued downward pressure in the crypto markets. Factors such as record outflows from bitcoin-ETFs, rising short bets, and waning enthusiasm from retail investors are contributing to the current market uncertainty. With no immediate positive catalysts, analysts predict that crypto markets will likely remain under pressure in the short term.
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