- Peter Schiff accepted Bitcoin as “digital gold” but questioned XRP’s place in Trump’s crypto reserve.
- Charles Hoskinson defended XRP, highlighting its strong technology and adoption.
- Ripple’s ties with Trump’s team fuel speculation on XRP’s strategic role.
Former U.S. President Donald Trump’s recent announcement of a U.S. Strategic Crypto Reserve has been contentious to the cryptocurrency fraternity. Despite the fact that Bitcoin’s inclusion was not surprising, the inclusion of XRP and other altcoins has not been welcomed, particularly from the vocal critic of Bitcoin, Peter Schiff.
Schiff, a critic of Bitcoin and someone who had minimized its function as a store of value, unexpectedly legitimized its position as “digital gold” following Trump’s announcement. He fervently questioned, however, why XRP was included in the reserve along with Bitcoin, Solana (SOL), Cardano (ADA), and Ethereum (ETH).
“I get the reasoning of a Bitcoin reserve. I disagree with it, but I get it. We maintain a gold reserve. Bitcoin is digital gold, and digital gold is better than analog gold. So let’s have a Bitcoin reserve, too. But what’s the reasoning of an XRP reserve? Why the devil would we need that?” Schiff asked.
His comments viralized on Bitcoin’s online platforms, and many of them made him feel at home with open arms, especially considering that he had long fought against the virtual currency. The XRP enthusiast and specialists sprang to his defense, however.
Hoskinson Backs XRP Despite Past Clashes
Cardano founder Charles Hoskinson, who had previously been in conflict with the XRP community, caught everyone off guard by supporting the inclusion of XRP. He characterized XRP as a “world standard” that possesses “really good technology”. And has one of the most powerful communities in the world of crypto.
The addition of XRP to the crypto reserve comes on the back of Ripple’s growing interaction with the Trump administration. While debate regarding the motive behind the reserve mounts. There remains drama surrounding whether altcoins like XRP have strategic value or if only Bitcoin should be held as a reserve asset.
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