US President Trump’s announcement last weekend about the formation of a strategic cryptor reserve in the United States is Bullish despite the market’s subsequent reaction, Asset Manager Bitwise said in a research report on Tuesday.

Crypto markets rose after the news, but had given back all these winnings on Monday.

Bitwise noted that investors were dissatisfied with the message because the planned reserve will contain other tokens other than just Bitcoin (BTC).

The president announced that XRP, Solana (Sol) and Cardano (ADA) would be included in a strategic reserve, and later added Bitcoin and Ether (ETH) to the list of assets.

“The inclusion of speculative assets like Cardano feels more calculating this strategic,” wrote Matt Hougan, chief investment manager at Bitwise, adding that despite the “defective roll -out”, the market is wrong.

“Trump’s original proposal is rarely his last,” the report noted, and the final reserve is likely to consist of almost completely Bitcoin. It will also be bigger than the market expects.

If the United States creates a strategic cryptor reserve, other nation states are likely to follow, Bitwise said, and any digital assets acquired are likely to be held for a significant amount of time.

“The US government that declares crypto assets ‘strategically’ is bullish,” and the market will eventually get around to this mindset, the report added.

Read more: US CRYPTO Strategic Reserve more likely, further detailed details: CITI