Economist and long-time Bitcoin critic Peter Schiff has once again stirred controversy in the crypto space with his latest remarks on the proposed U.S. Crypto Reserve.
While he acknowledged the logic behind including Bitcoin, he strongly opposed the addition of XRP and other altcoins in the plan.
Schiff: Why Would We Need XRP?
Over the weekend, President Trump confirmed that his executive order on digital assets had instructed the Presidential Working Group to move forward with a national Crypto Strategic Reserve.
Initially expected to include only Bitcoin, the announcement caught the market off guard when it was revealed that Ethereum, XRP, Solana, and Cardano would also be part of the reserve. This revelation triggered a surge in the crypto market, with Bitcoin rising over 10%, while XRP and other altcoins saw even larger gains.
Read more: Market Turns Red as Trump’s Crypto Reserve Hype Fades
Schiff, known for his preference for gold, conceded that Bitcoin’s status as “digital gold” makes it a logical inclusion in a government reserve. However, he questioned the necessity of holding XRP, arguing that its utility does not justify its place in a national reserve alongside Bitcoin.
His skepticism about the asset’s inclusion sparked heated discussions within the crypto community, with supporters pointing to its role in global payments and institutional adoption.
Some industry experts pushed back against Schiff’s stance, asserting that XRP’s efficiency in cross-border transactions makes it a valuable asset for financial institutions. They argued that Bitcoin and gold serve as stores of value, while XRP provides a practical solution for fast, low-cost international payments.
Schiff suggested that Trump’s announcement might have been an attempt to bolster a struggling crypto market. He implied that Bitcoin was on the verge of a significant downturn before the announcement helped push prices higher, fueling speculation about the timing and intent of the news.
