Is Ripple the "biggest obstacle" to the strategic Bitcoin reserve?
Emotions ran high in the community this weekend.
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In the community emotions ran high this weekend. Ripple Labs' support for a diversified crypto reserve instead of a pure Bitcoin reserve in the US drew heavy criticism from BTC supporters.
Pierre Rochard, head of research at the Bitcoin-mining firm Riot Platforms, voiced his opinion in a post on X:
Nico Moran, CEO of Bitvolt, added that Ripple Labs is “deliberately working against the U.S. initiative for a strategic Bitcoin reserve and putting its own interests above the wellbeing of the American people.”
A few days ago, U.S. President Trump announced the formation of a new task force to study the option of “a national stockpile of digital assets.” In addition to Bitcoin, other cryptocurrencies could thus be part of this reserve.
Ripple-CEO Brad Garlinghouse doesn’t get the criticism. In response to Rochard’s post on X, he said:
Brady Swenson of Swan Bitcoin replied: “Ripple is a 10-year-old trick with ever-new fake partnerships to push up the price.” It seems unlikely the two communities will reconcile.
The XRP token has often been accused of significant centralization, which would carry high risks. Since the Republican victory in the elections, Ripple's token has surged more than 400% and broke its all-time high from 2018.
