In a recent update, CNF discussed the inclusion of XRP, ADA, SOL, BTC, and ETH in the US crypto reserve. As expected, this announcement attracted mixed reactions from both critics and enthusiasts alike. According to Bitcoin proponent Samson Mow, this decision “merely” elevates “shitcoins” at the national level. Co-founder of the Satoshi Nakamoto Institute, Pierre Rochard, has also criticized the inclusion of XRP, claiming “Ripple is just a failed company seeking a bailout from the government.”
Fast forward, crypto skeptic Peter Schiff has jumped on the bandwagon, questioning the rationale behind the establishment of an XRP strategic reserve. According to him, the inclusion of Bitcoin is justified as it operates as digital gold. Per his analogy, the US already has a gold reserve, hence, the need to establish a similar one for the crypto asset.
Source: Peter Schiff
Responding to these comments, Cardano co-founder Charles Hoskinson defended XRP, claiming the asset has great technology, longevity, and strong community support. According to him, the asset has shown its resilience over the years by withstanding multiple harsh market cycles. In his view, US President Donald Trump made the right decision to order the establishment of a national XRP reserve.
“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.”
Experts’ Opinion on the XRP’s Inclusion to the Strategic Reserve List
Joining the discussion, the co-founder of the XRPL-based project Anodos Finance, Panos Mekras, pointed out that XRP has better features than Bitcoin. According to him, the asset stands tall in terms of store of value and medium of exchange. Additionally, he compared the technical superiorities as he mentioned that the XRPL had the first-ever decentralized exchange in the early days. Meanwhile, the XRPL was the first blockchain to have tokenized gold.
Back to XRP, Mekras explained that the asset is deflationary with a limited supply. Technically, this prevents the creation of additional tokens apart from the 100 billion XRP coins that were pre-mined.
Commenting on this milestone, Ripple boss Brad Garlinghouse commended Donald Trump’s effort to represent the industry with a government digital asset reserve. However, he believes that maximalism is an enemy of the crypto industry’s progress.
“Glad to see POTUS recognizing we live in a multichain world and that we’re finally moving past Bill Hinman and the Biden administration’s SEC’s very broken thinking. I will certainly continue to champion this while in Washington at the end of this week.”
Garlinghouse has always dismissed the idea of limiting the national strategic reserve to Bitcoin. As we reported previously, he argued that the initiative should represent the industry rather than “tearing each other down.”
Reacting to this notable announcement, the price of XRP has surged by 16% in the last 24 hours to trade at $2.6. According to our recent analysis, the asset is expected to extend this rally to $15.