Renowned U.S. economist Peter Schiff, sharply criticized the idea of including XRP in the United States Cryptocurrency Strategic Reserve, questioning its purpose amid broader discussions about digital assets in the American economy.
In a March 2, 2025, post on X, Schiff acknowledged the logic behind a Bitcoin (BTC) reserve, likening it to its digital gold narrative, but expressed his disapproval at the inclusion of the token, ‘what’s the rationale for an XRP reserve? Why the hell would we need that?’
The gold bug added to one post:
“Why does the U.S. government need a strategic reserve of XRP? There are a lot of valuable assets that the U.S. government doesn’t hold in reserve. What’s so special about XRP.”
U.S. Cryptocurrency Strategic Reserve
Peter Schiff’s comments come fresh on the heels of Donald Trump’s announcement on Truth Social, where he revealed plans for a U.S. Cryptocurrency Strategic Reserve.
Trump announces U.S. Crypto Reserve. Source: truthsocial.com
Trump’s initiative will include major cryptocurrencies like BTC, Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), stating that a U.S. Crypto Reserve would position the United States as the crypto capital of the world.
The announcement follows the U.S. President’s January executive order directing a presidential working group to explore a digital asset stockpile, potentially using seized cryptocurrencies to bolster economic strategy or influence crypto markets.
The inclusion of XRP and other altcoins has sparked debate, with proponents like Cardano’s founder Charles Hoskinson praising the decision, while critics like Schiff question the strategic merit of diversifying beyond BTC.
Bitcoin’s recent performance
Elsewhere, Bitcoin’s price has seen significant movement in the last 24 hours following Trump’s announcement.
As of midnight PST on March 3, 2025, BTC surged by 6.67%, trading around $94,164 to just under $95,000.
BTC 24h price chart. Source: finbold.com
This uptick reflects a broader market rally, with the total cryptocurrency market cap rising by roughly 10%, or $300 billion.
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