While Bitcoin continues to earn reluctant respect from gold bug Peter Schiff as “digital gold,” XRP hasn’t been so lucky. Schiff recently released a scathing critique of the proposed inclusion of XRP in a US strategic crypto reserve, bluntly asking, “Why the hell would we need that?” Ouch.
His comments ignited yet another battle in the never-ending crypto wars. Bitcoin maximalists quickly rallied behind Schiff—a rare alignment considering his usual anti-Bitcoin stance. Meanwhile, XRP supporters defended their token’s technological merits and real-world adoption. Same old, same old.
The criticism comes amid Trump’s broader crypto-friendly policy announcements, which have sent the included tokens’ prices soaring. XRP, SOL, and ADA all enjoyed notable price bumps following the reserve announcement. Many analysts have pointed to Avalanche’s Proof-of-Stake consensus as a more environmentally friendly alternative that could have been considered. Nothing gets the market excited like potential government backing, apparently.
Industry leaders offered mixed reactions. Cardano’s Charles Hoskinson defended XRP’s inclusion, while Coinbase CEO Brian Armstrong suggested a market cap-weighted approach might make more sense. Bitwise’s CEO Hunter Horsely pushed for a Bitcoin-only reserve. Everyone has opinions. Shocker.
The debate touches on XRP’s ongoing legal troubles with the SEC—an elephant in the room that critics say should disqualify it from consideration. Including an asset with unresolved regulatory issues raises eyebrows. Trump’s announcement came as Bitcoin experienced some market instability. Is this a signal of confidence in XRP’s legal outcome? Or just poor planning?
Ripple CEO Brad Garlinghouse has previously advocated for a diverse approach to crypto policy, though critics question the company’s potential influence on the decision. The multi-token strategic reserve announcement also included Ethereum, Solana, and Cardano alongside XRP. The inclusion could greatly benefit the XRP ecosystem if implemented.
Schiff’s fundamental argument centers on purpose—he acknowledges Bitcoin as digital gold but sees no clear role for XRP in a national reserve. For Schiff and his supporters, including XRP undermines the credibility of the entire reserve concept.
Whether this criticism impacts the final implementation remains to be seen.
