The division in the digital currency ecosystem regarding a multi-asset crypto reserve is much with BTC maxis against coins like XRP. However, the Ripple-backed coin has received support from an unusual ally, Michael Saylor.
Bitcoin bull and Strategy co-founder Michael Saylor has voiced his thoughts on the United States move to add XRP to the proposed crypto strategic reserve. In a conversation with CNBC’s Sara Eisen, he endorsed the plan while describing the idea of a multi-reserve as “bullish.”
Saylor Changes Stance on XRP And Altcoins
Saylor, who recently released the 21 laws of Bitcoin, believes this move will benefit BTC and the broader cryptocurrency sector.
In 2022, he termed XRP unregistered securities and even encouraged the US Securities and Exchange Commission (SEC) to wind up XRP and other altcoins. For someone who had previously spoken against the idea of XRP or any other altcoin, his new stance reflects a pivot.
Ordinarily, one would expect the crypto behemoth to reject having XRP or other altcoins in the national strategic reserve. Suddenly, he discusses how this “progressive” approach is the way forward.
He said, “I believe that the best thing for the country is to move forward with an enlightening progressive policy toward digital assets.”
It is worth noting that the potential multi-crypto strategic reserve is billed to include Solana (SOL) and Cardano (ADA) alongside XRP.
Criticism of Donald Trump’s Multi-Crypto Strategic Reserve
While it is exciting that Saylor supports the concept, certain key crypto industry players are still on the other side of the fence.
One of the Winklevoss brothers, Tyler, has openly criticized the suitability of such assets in the strategic reserve. He claimed to have nothing against XRP, SOL, and ADA but against their addition to the stockpile, which will have Bitcoin.
Similarly, Variant CLO Jake Chervinsky criticized the initiative, citing that it is “a distraction from the real work that must be done on stablecoin and market structure legislation, among other big priorities.”
The unsurprising criticism came from Peter Schiff, the notorious anti-crypto economist. Schiff clearly stated that he does not understand the rationale behind having XRP in the reserve. With the level of criticism the multi-crypto strategic reserve plan has garnered, it is unsure if the US will still move forward.
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