Peter Schiff Criticizes US XRP Reserve—Asks 'What's So Special About XRP?'

Economist and gold advocate Peter Schiff raised questions about why the United States needs an XRP reserve fund. His statement came after President Donald Trump announced plans to establish a strategic cryptocurrency reserve fund, including XRP along with other prominent cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), and Cardano (ADA). On the X social media platform on March 2, Schiff expressed skepticism about the decision to add XRP to this reserve category. While he acknowledges the rationale of establishing a Bitcoin reserve fund - comparing it to the US gold reserve - he appears puzzled by the presence of XRP on the list. He wrote: "I understand the reason to have a Bitcoin reserve. I don't agree with it, but I understand. We have a gold reserve. Bitcoin is digital gold, better than traditional gold. So, let's create a Bitcoin reserve. But why have an XRP reserve? Why do we need that?" Schiff's post immediately caught the attention of the XRP community, often referred to as the “XRP Army.” Supporters quickly spoke out to defend this decision, emphasizing Trump's commitment to making the United States a global leader in cryptocurrency. Among the notable responses, Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, expressed agreement with adding XRP to the reserve fund. He stated: "Because XRP is a great technology, a global standard, has been around for over a decade through many tough cycles, and has one of the strongest communities. I think the President has made the right decision." However, not everyone agrees with this view. Some individuals, including those in the cryptocurrency industry, share Schiff's skepticism. Cryptocurrency influencer Dan Held even expressed surprise at agreeing with Schiff, writing: Haha, what era is this? Am I really agreeing with Peter Schiff? Nevertheless, Schiff still maintains his position, continuing to question the necessity of the XRP reserve fund, despite explanations from the community. He emphasizes: "Yes, but why does the US government need a strategic reserve fund of XRP? There are many valuable assets that the US government does not hold in reserve. What makes XRP so special?". Before these debates, Ripple CEO Brad Garlinghouse also voiced support for Trump's initiative, although not directly responding to Schiff. He emphasized that collaboration in the cryptocurrency industry is crucial to driving progress, while praising the recognition of a multichain ecosystem. Garlinghouse reiterates his belief that the cryptocurrency industry can achieve greater goals through unity. He also revealed his upcoming plan to go to Washington to continue advocating for the benefit of the industry.