WBTC is the US National Bitcoin Reserve
Tron founder Justin Sun claims that Wrapped Bitcoin (World Bitcoin Exchange) has effectively become the United States’ national Bitcoin reserve.
The announcement comes amid an unintentional feud between two Bitcoin wrappers, Bitgo’s WBTC and Coinbase’s cbBTC, as well as Donald Trump’s Bitcoin wrapper. Decentralized Finance The project expresses a vested interest in the former.
yes WBTC The de facto U.S. National Bitcoin Reserve?
The Tron founder explained his views on social media, clarifying that WBTC continues to be favored by Donald Trump-backed DeFi project World Liberty Financial (WLFI).
“WBTC has nominally become the U.S. National Bitcoin Reserve. Which president other than Donald Trump diligently buys Bitcoin every day? Trump is the “only Bitcoin president,” Sun wrote.
Sun’s comments come amid a recent acquisition by World Liberty Financial, a company highly endorsed by the Trump family. Guan Lian report On Thursday, the DeFi project gained an additional 94.94 WBTC, worth $9.84 million.
SpotOnChain confirms, Add to Over three days, the fund invested $56.82 million and purchased 534.1 WBTC at an average price of $106,379.
“Team Trump chose WBTC and decided to support it through action again”, Wrapped Bitcoin official X account joke.
December, DeFi projects Liquidate their cbBTC portfolio 103.15 WBTC can be purchased for 102.9 tokens worth $10.4 million. The next day, Sun named Consultant to WLFI. This highlights Sun’s growing interest in DeFi projects and the growing relationship between WLFI and WBTC.
Justin Sun referenced these manifestations of preference in a blistering attack on Coinbase citing its lack of transparency and specifically targeting its Proof of Reserves (go through) approach. He also quoted the cryptocurrency adage: “Not your keys, not your coins!”
“Relying on Coinbase’s zero proof-of-reserve product means your BTC can be frozen or confiscated at any time. It’s entirely at the mercy of Paul Grewal (Coinbase CLO). If he likes you, you’re safe. But what if he doesn’t? ? Game over. This is not how secure blockchain infrastructure is supposed to work – especially at the presidential level so cbBTC is out,” Sun explained.
The Tron founder continues to be an outspoken advocate for WBTC, especially after BitGo’s Custody Reform.
Its new multi-jurisdictional and multi-agency custody model emphasizes Safety Sun said this was in stark contrast to Coinbase’s approach. This intensified Sun’s criticism of cbBTC.
“cbBTC lacks proof of reserves, requires no audits, and can freeze anyone’s balance at any time. Essentially, it’s just ‘trust me’. Any US government subpoena can confiscate all your Bitcoins.” Sun wrote Last September.
Overall, Coinbase’s cbBTC and BitGo’s WBTC have grown to market competitors over the past few months. Coinbase Recent pause The increase in WBTC trading will only increase competition.
The exchange now faces lawsuit charges anti-competitive behavior About WBTC.
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