Prominent financial commentator Peter Schiff has joined the choir of skeptics criticizing the idea of establishing a multi-token cryptocurrency reserve, specifically taking aim at the Ripple-affiliated XRP token.
Schiff has acknowledged that he gets the rationale behind a Bitcoin reserve since the largest cryptocurrency is usually treated as a digital version of gold. However, he is baffled by the likely inclusion of XRP in the reserve.
"But what's the rationale for an XRP reserve? Why the hell would we need that?" Schiff asked.
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Notably, many Bitcoiners ended up siding with Schiff despite the fact that the former is known as one of the most notorious critics of the leading cryptocurrency.
"This is the best tweet you have ever compiled. Welcome home, Peter," pro-Bitcoin on-chain analyst James Check said on X.
Meanwhile, Cardano founder Charles Hoskinson came to XRP's defense despite previously feuding with the community behind the Ripple-linked token. Hoskinson heaped praise on XRP's technology, while also noting that the token has managed to survive for a decade with "one of the strongest communities."
As reported by U.Today, it has been confirmed that XRP will be part of a multi-token strategic reserve alongside Solana (SOL), Cardano (ADA) and Ethereum (ETH). The prices of these cryptocurrencies surged sharply higher on Sunday.
However, even some industry leaders were seemingly puzzled by the inclusion, with Bitwise CEO Hunter Horsley stating that a Bitcoin-only reserve would make "the most sense" to him.
"Many crypto assets have merits, but what we're talking about here isn't a US investment portfolio — we're talking about a reserve, and Bitcoin is the undisputed store of value for the digital age," Horsley said.
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