‘Who the Hell Would Need That?’

Prominent financial commentator Peter Schiff has joined the choir of skeptics criticizing the idea of establishing a multi-token cryptocurrency reserve, specifically taking aim at the Ripple-affiliated XRP token. 

Schiff has acknowledged that he gets the rationale behind a Bitcoin reserve since the largest cryptocurrency is usually treated as a digital version of gold. However, he is baffled by the likely inclusion of XRP in the reserve. 

“But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff asked. 

Notably, many Bitcoiners ended up siding with Schiff despite the fact that the former is known as one of the most notorious critics of the leading cryptocurrency.  

“This is the best tweet you have ever compiled. Welcome home, Peter,” pro-Bitcoin onchain analyst James Check said on X. 

Meanwhile, Cardano founder Charles Hoskinson came to XRP’s defense despite previously feuding with the community behind the Ripple-linked token. Hoskinson heaped praise on XRP’s technology while also noting that the token has managed to survive for a decade with “one of the strongest communities.” 

As reported by U.Today, it has been confirmed that XRP would be part of a multi-token strategic reserve alongside Solana (SOL), Cardano (ADA), and Ethereum (ETH). The prices of these cryptocurrencies surged sharply higher on Sunday.