Is Ripple Blocking a National Reserve Dedicated Exclusively to Bitcoin?

Pierre Rochard, vice president of Riot Platforms, recently accused Ripple Labs of being the main obstacle to creating a strategic Bitcoin (BTC) reserve in the United States. According to Rochard, Ripple is actively pushing for a multi-asset reserve, including XRP, rather than a reserve exclusively in BTC.

Does Ripple pose an obstacle to Bitcoin?

The debate was sparked by Ripple’s proposal to create a diversified strategic cryptocurrency reserve, supported by its CEO, Brad Garlinghouse. This proposal includes assets like USD Coin (USDC), Solana (SOL), and XRP, in addition to Bitcoin. Garlinghouse stated that this approach would increase the chances of seeing a strategic cryptocurrency reserve materialize, including BTC.

However, this initiative has been strongly criticized by the crypto community, which believes that only a reserve in Bitcoin should be considered. Wayne Vaughan, a BTC advocate, stated that including other cryptocurrencies would create costly political complications for the U.S. administration. Furthermore, Ryan Selkis, CEO of Messari, criticized Ripple’s political ties and its insistence on including XRP in the national reserve.

Rochard emphasized that Ripple’s efforts to promote a multi-asset reserve are motivated by personal interests rather than by the well-being of American citizens. He also mentioned that Ripple is actively working on the development of central bank digital currencies (CBDCs), which could only strengthen its position in the financial sector.

Is BTC safer than other cryptos?

Ripple’s proposal has also raised concerns about the centralization and security of cryptocurrency reserves. Proponents of Bitcoin argue that BTC, as the first and largest cryptocurrency, offers superior security and decentralization compared to other digital assets.

Ultimately, Ripple’s proposal to create a multi-asset strategic reserve has sparked an intense debate within the crypto community. While Ripple advocates for a diversified approach, Bitcoin supporters insist on the necessity of a reserve exclusively in BTC, especially after the recent appointment of Senator Cynthia Lummis to head the crypto subcommittee.