Just as President Donald Trump announced building up US strategic reserves for Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), the Bitcoin community has showered displeasure with the inclusion of altcoins. Now both camps are once again debating why the Trump team included Ripple cryptocurrency as US crypto reserves despite the ongoing Ripple lawsuit. The announcement has already triggered solid gains in Bitcoin and altcoins over the last 24 hours. While BTC price is up 8%, the Ripple cryptocurrency, Solana (SOL), and Cardano (ADA) are up by 25-60%. Just Bitcoin Is Ok, Do We Need XRP Reserves? Some of the veteran crypto industry players have voiced their concerns regarding the XRP reserves. Bitcoin critic and popular economist Peter Schiff noted: “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too. But what’s the rationale for an XRP reserve? Why the hell would we need that?” Addressing the Trump administration, Schiff further noted: “America will never be great again so long as you can create worthless crypto tokens, then pay off government officials to declare them valuable and use taxpayer money to buy them”. Cardano founder Charles Hoskinson gave a quick response to Schiff adding that “XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities. I think the president made the right decision”. Industry Leaders Back BTC Hunter Horsely, the CEO of crypto asset management firm Bitwise also shared a similar view on the matter. He stated that having just the Bitcoin strategic reserve would make the most sense to him considering that it’s a digital store of value. “Many crypto assets have merits, but what we’re talking about here isn’t a US investment portfolio — we’re talking about a reserve, and BTC is the undisputed store of value for the digital age,” wrote Horsely . Coinbase CEO Brian Armstrong also shared his opinion and added, “Just Bitcoin would probably be the best option – simplest, and clear story as successor to gold. If folks wanted more variety, you could do a market cap weighted index of crypto assets to keep it unbiased”. Community Members Defend The Decision Pro-XRP lawyer Bill Morgan has backed the community, stating why it was important to have a Ripple altcoin. JP Richardson, CEO of crypto wallet Exodus stated that it’s a “terrible news” for the US, adding that Americans only need a BTC reserve and nothing more. Responding to him, Morgan said: “Does anyone care about Exodus. You stay with your Bitcoin customers. Everyone else should run a mile from a business that hates most of crypto. Seriously who would use Exodus wallet other than Bitcoin maxis with such thinking from a CEO”. Furthermore, other Ripple critics also asked why the US government would care about having a crypto reserve wherein the parent firm controls 50% of the total. Bill Moirgan called it an attempt to spread FUD stating: “XRP in escrow is now down to 37.62 % and the circulating supply is 62.33%. Ripple has a small % of the 62.33% circulating supply. Stop lying”. Ripple Lawsuit Outcome Coming Soon? As President Donald Trump announces Ripple cryptocurrency to be part of the US strategic reserves, all eyes will be on how soon the U.S. Securities and Exchange Commission (SEC) ends the Ripple lawsuit moving ahead. Attorney Jeremy Hogan has highlighted a key factor delaying the conclusion of the Ripple vs. SEC lawsuit —an injunction imposed by Judge Analisa Torres. Hogan noted that the injunction could hinder Ripple Labs’ ability to move forward with a potential IPO. He also stated that Ripple Labs’ efforts to persuade the court to set aside the injunction are the main cause of the delay in reaching a resolution. He anticipates that both parties will likely withdraw their appeals by April, paving the way for the legal battle to conclude in May. The post XRP vs Bitcoin Community Debate Heats Up After US Strategic Reserve Announcement appeared first on CoinGape .
