The Bitcoin community is voicing strong criticism against Ripple after it advocated for a diversified crypto reserve, which includes assets beyond Bitcoin.
The Bitcoin community is voicing strong criticism against Ripple after it advocated for a diversified crypto reserve, which includes assets beyond Bitcoin.
This debate intensified following reports that President Trump is considering a strategic reserve that may include various U.S.-based tokens, including XRP, USD Coin, and Solana.
Ripple CEO Brad Garlinghouse has publicly supported the idea of a multi-coin strategic reserve, a stance that has been met with resistance from Bitcoin proponents. Critics argue that Ripple's push to include multiple cryptocurrencies undermines the anticipated establishment of a dedicated U.S. strategic Bitcoin reserve.
Critics have called Ripple a significant barrier to this initiative. Riot Platforms’ research head Pierre Rochard expressed that Ripple’s political lobbying and support for central bank digital currencies (CBDCs) detracts from Bitcoin's position.
Bitcoin advocates, including entrepreneur Wayne Vaughan, argue that only Bitcoin should feature on the U.S. government’s balance sheet. Vaughan stated that including other crypto would result in political repercussions for the Trump Administration.
Bitvolt CEO Nico Moran echoed this sentiment, asserting that Ripple's actions prioritize its own interests over those of the American public.
Messari CEO Ryan Selkis also criticized Ripple’s lobbying efforts, specifically highlighting its relationship with political figures and the implications for national crypto policy. Selkis noted that XRP is emblematic of why a national crypto reserve should not include anything other than Bitcoin.
Amidst this contentious backdrop, Trump signed an executive order on Jan. 23 that prohibits CBDC development in the U.S. and establishes a national digital asset inventory.
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