Schiff Rips Into Trump Crypto Reserve: “Why the Hell Would We Need That?”
Peter Schiff, an economist and supporter of gold, has questioned why the US needs an XRP reserve. He is now one of the many doubters who oppose the notion of creating a cryptocurrency reserve with multiple tokens. He made this statement after President Donald Trump said that XRP, along with Bitcoin, Ether, Solana, and Cardano, will be part of a strategic crypto reserve.
Schiff has admitted that he understands the justification for a Bitcoin reserve because the biggest cryptocurrency is typically seen as a digital equivalent of gold. The probable inclusion of XRP in the reserve, however, confounds him.
I get the rationale for a bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a bitcoin reserve too. But what’s the rationale for an XRP reserve? Why the hell would we need that?
Schiff
Bitcoiners Rally Behind Schiff as XRP Army Fires Back: Crypto War Heats Up!
Even though Schiff is regarded as one of the most infamous critics of the most popular cryptocurrency, a significant number of Bitcoiners ultimately chose to support him.
This is the best tweet you have ever compiled. Welcome home, Peter,
pro-Bitcoin on-chain analyst James Check
However, the XRP community—often referred to as the “XRP Army“—immediately responded to his post. In defense of its inclusion, proponents pointed to Trump’s promise to position the US as a global leader in cryptocurrencies. One respondent who expressed support was Charles Hoskinson, the co-creator of Ethereum and the founder of Cardano.
Because XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities. I think the president made the right decision,
Hoskinson
Ripple CEO Backs Trump’s Crypto Plan, Emphasizes Multichain Future!
Although he did not specifically respond to Schiff, Ripple CEO Brad Garlinghouse also commented on Trump’s remarks, endorsing the plan. He applauded the acknowledgment of a multichain environment and reminded everyone that growth in the crypto business required collaboration. Garlinghouse reaffirmed his belief that the cryptocurrency industry can achieve its objectives by working together. In order to continue promoting corporate interests, he also indicated his impending trip to Washington.
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