The U.S. government’s decision to establish a strategic cryptocurrency reserve has drawn both support and skepticism, with particular attention on the inclusion of XRP.
U.S. President Donald Trump announced on March 2, that the reserve will hold Bitcoin, Ethereum, Solana, Cardano, and XRP.
While many in the crypto industry welcomed the initiative as a step toward broader adoption, others questioned why XRP was chosen as part of the reserve. Bitcoin maximalists have been pushing for a Bitcoin-only reserve for some time, and this announcement was a major blow to them.
One of the most vocal critics was Peter Schiff, a notable economist, gold advocate, and stern Bitcoin critic. Schiff took to X after the announcement to express his doubts. While he does not personally agree with a government-backed Bitcoin reserve, he acknowledged the reasoning, comparing it to the U.S. gold reserve.
However, he sees no clear justification for an XRP reserve. He asked why the XRP was necessary, pointing out that the U.S. does not hold reserves of every valuable asset.
Yes, but why does the U.S. government need a strategic reserve of XRP? There are a lot of valuable assets that the U.S. government doesn't hold in reserve. What's so special about XRP.
— Peter Schiff (@PeterSchiff) March 2, 2025
Crypto Community Divided on XRP’s Role
Schiff’s comments sparked a heated discussion, with strong reactions from supporters and skeptics of XRP’s inclusion. Members of the XRP Army defended the decision, as XRP has a long-standing presence in the market and can play a major role in global financial infrastructure.
Cardano founder Charles Hoskinson also responded to Schiff’s remarks, arguing that XRP’s technology, resilience through market cycles, and strong community made it a reasonable choice.
Hoskinson previously had issues with the XRP army, but has since mended fences with the XRP community, becoming an advocate for the digital asset and the underlying technology. Hoskinson praised Trump’s decision, stating that the inclusion of multiple digital assets reflected a commitment to a multichain future.
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While many supported the move, some in the crypto industry echoed Schiff’s skepticism. Bitcoin advocate Dan Held was among those who found themselves unexpectedly agreeing with Schiff’s stance, expressing surprise at his reaction.
Ripple CEO Weighs In on Strategic Reserve
Ripple CEO Brad Garlinghouse addressed the announcement directly, focusing on the broader implications of the strategic reserve, highlighting the importance of industry collaboration and regulatory clarity.
He previously advocated for the inclusion of multiple digital assets in the reserve and reiterated that a multichain ecosystem would benefit the entire sector. He stated, “Maximalism is the enemy of the industry’s progress,” and also stressed the need for continued dialogue with policymakers.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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