A senior JPMorgan Chase & Co JPM strategist voiced doubts about the feasibility of establishing a U.S. strategic cryptocurrency reserve, pegging its chances of approval at below 50% and raising concerns about including tokens such as XRP XRP/USD, Solana SOL/USD and Cardano ADA/USD.

Nikolaos Panigirtzoglou, who oversees global market strategy at the bank, shared this perspective with The Block, noting that legislative support remains uncertain.

President Donald Trump's recent suggestion to incorporate these digital assets alongside Bitcoin BTC/USD and Ethereum ETH/USD triggered a short-lived market upswing, but skepticism soon emerged over the plan's practicality.

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In a detailed analysis released midweek, JPMorgan highlighted the initial excitement in crypto markets following Trump's proposal, which extended beyond major currencies to include less prominent ones.

Panigirtzoglou pointed out potential pitfalls, explaining that adding smaller cryptocurrencies could heighten instability and risk, making their inclusion challenging.

He stressed that the focus would likely stay on Bitcoin and Ethereum due to their established profiles, a stance reflected in the report's findings.

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The document also referenced prior setbacks at the state level, where efforts to create Bitcoin reserves in states such as Montana, North Dakota, South Dakota and Wyoming faltered, with officials citing unpredictable price swings as a major hurdle.

Internationally, central banks have shown similar reservations, with Switzerland and Poland dismissing Bitcoin for reserve purposes and Singapore opting against cryptocurrencies in its investment portfolio.

The report further noted criticism from the European Central Bank, underscoring a global wariness among financial authorities about adopting digital currencies as official holdings.

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