While Peter Schiff‘s grudging acceptance of Bitcoin as a potential “digital gold” reserve asset has surprised many, the gold bug and notorious crypto skeptic couldn’t extend the same courtesy to XRP. Schiff recently took aim at President Donald Trump‘s decision to include XRP in the proposed US strategic cryptocurrency reserve, calling the move “pointless” and unnecessary.
The announcement of a multi-token reserve including Bitcoin, Ethereum, Solana, Cardano, and XRP sent prices soaring across the board. Trump’s stated goal? Making America the “crypto capital of the world.” Bold words from a former crypto critic.
Schiff, however, wasn’t buying it—at least not when it comes to XRP. While he acknowledged some understanding of Bitcoin as a reserve asset comparable to gold, he found no such justification for XRP’s inclusion. In previous discussions, Schiff has actually acknowledged that XRP could be a superior alternative to Bitcoin. His comments ignited yet another crypto Twitter firestorm. Shocking, right?
In an unexpected twist, Cardano founder Charles Hoskinson jumped to XRP’s defense. He praised the cryptocurrency’s technology, longevity, and strong community support. This defense raised eyebrows given Hoskinson’s previous conflicts with the XRP community. Strange bedfellows in crypto land.
The crypto community’s reaction split predictably along tribal lines. Bitcoin maximalists nodded along with Schiff’s XRP criticism while maintaining their disagreement with his anti-Bitcoin stance. XRP supporters fired back, defending their token’s utility and potential. Bitwise CEO Hunter Horsley also weighed in on the debate, expressing his preference for a Bitcoin-only reserve strategy.
For Ripple and XRP, Trump’s announcement represents a potential legitimacy boost despite the criticism. The widespread media coverage triggered a wave of market demand as both institutional and retail investors rushed to add XRP to their portfolios. It’s also sparked renewed interest in XRP’s use cases and technology, along with speculation about Ripple’s possible influence in government decisions.
The debate extends beyond just XRP to the broader implications of government crypto strategies. What makes a cryptocurrency “reserve-worthy”? Will other countries follow America’s lead? These questions now dominate crypto discussions.
One thing’s certain—Schiff remains crypto’s favorite skeptic, even as he seemingly softens on Bitcoin. Some things never change.
