Are cryptocurrencies truly stateless?

When GMCI launched the GMCI USA index to track crypto projects associated with the US - such as XRP, SOL, DOGE, and ten other assets - I didn't see the point. These cryptocurrencies operate globally, and I couldn't understand their connection to the US. None were created or backed by the US; essentially, their "nationality" seemed artificial.

The Nasdaq Crypto Index (NCI) seemed far more useful: it is specifically designed to be dynamic, broadly representative of the market, and easily trackable by investors.

But when four US states rejected a proposal to create strategic cryptocurrency reserves, and this decision could primarily impact Bitcoin, as it was meant to be the foundation of such reserves:

• Bitcoin's price dropped by 6.5%
• The total cryptocurrency market capitalization decreased by 6.04%
• The NCI index fell by 5.88%
• While the GMCI USA index plummeted by 11.23%

It seems the index, which was intended as a benchmark for US-focused crypto investment strategies, has done exactly what it was meant to do. Crypto investors now know which assets are most vulnerable to US-related news.

Just a reminder: on rabbit.io, all 13 "American" cryptocurrencies can be easily exchanged for any other crypto assets - including unquestionably non-"American" ones, like the TRUMP token, for instance. 😜