Bitcoin Is Digital Gold But 'What's The Rationale For An XRP Reserve', Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision
Renowned economist Peter Schiff questioned the inclusion of XRP (CRYPTO: XRP) in the cryptocurrency reserve announced by President Donald Trump on Sunday while acknowledging the rationale behind including Bitcoin (CRYPTO: BTC).
What happened: Schiff stated on X that, while he doesn't agree, he understands that Bitcoin’s inclusion arose from a “digital gold” narrative. “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it,” he said.
"But what’s the rationale for an XRP reserve? Why the hell would we need that?" Schiff slammed XRP's inclusion.
In response, Charles Hoskinson, co-founder of Cardano (CRYPTO: ADA) — the other altcoin included in the strategic reserve — stated that XRP is a “great” technology and a global standard, having one of the strongest communities.
"I think the president made the right decision," Hoskinson stated.
See Also: SEC Closes Investigation Against Crypto Exchange Gemini, Says Cameron Winklevoss: ‘Another Milestone To The End Of The War On Crypto’
Schiff, one of the staunchest critics of the world's leading cryptocurrency, argued that Bitcoin was on the brink of a "sharp selloff" and that Trump was brought in to rescue the cryptocurrency with a "bailout post."
Why It Matters: Schiff's remarks followed Trump's big announcement that Bitcoin would be at the "heart" of a U.S. strategic cryptocurrency reserve, along with other coins such as Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Cardano (CRYPTO: ADA), and Solana (CRYPTO: SOL).
Interestingly, just last week, Schiff suggested in a cheeky post that only a strategic Bitcoin reserve announced by Trump could halt the market downturn.
He also said that Bitcoin’s surge past $100,000 was a "repayment" from Trump to his cryptocurrency-supporting base.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,045.77, up 7.57% in the last 24 hours, according to data from Benzinga Pro.
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Posted-In: Bitcoin Charles Hoskinson Peter Schiff Strategic Crypto ReserveCryptocurrency News Markets
