Peter Schiff, the economist who's never shied away from throwing shade at Bitcoin, has done it again. He's got the crypto world buzzing with his latest brainwave on the idea of a U.S. Crypto Reserve. Sounds fancy, right? But Schiff is not entirely sold, especially when it comes to adding XRP to the mix.
In a recent online outburst, the gold enthusiast begrudgingly admitted there's some sense in having a Bitcoin reserve. After all, if gold's got a spot in the national treasure chest, why not digital gold? But when it comes to XRP, he's scratching his head and wondering, “What's the point?”
This all kicked off after President Trump dropped a bombshell on Truth Social, revealing that his executive order from January was setting the wheels in motion for a national Crypto Strategic Reserve. Originally, Bitcoin was the star of the show, but then Trump threw a curveball, mentioning they'd also be including altcoins like ETH, XRP, SOL, and ADA. The market went wild! Bitcoin jumped over 10%, XRP shot up 40%, and the others weren't far behind.
But Schiff's not buying into the XRP hype. While he gets the Bitcoin angle, he can’t wrap his head around why the U.S. would want a stash of XRP in its vaults. He bluntly questioned, “Why the hell would we need that?”
The crypto community, never one to shy away from a debate, fired back. Many argued that XRP's prowess in cross-border payments makes it a prime candidate for the reserve. Schiff, however, wasn't convinced.
Crypto trader and tech enthusiast Jason Higgins called out Schiff, saying, “Peter’s being selective. He sees the value in Bitcoin’s digital gold narrative but ignores XRP’s role in making global payments a breeze. Dismissing XRP without considering its utility is just lazy.”
Schiff's comments echo his usual stance: while Bitcoin has its flaws, it at least mimics the scarcity of gold. In his eyes, altcoins like XRP don't cut it for a national reserve.
To top it off, Schiff accused Trump's announcement of being a “bailout” for a struggling crypto market, suggesting Bitcoin was teetering on the edge before the news gave it a boost.
Oh, Peter Schiff, always keeping us entertained!
